Cape Cod Trusts Lawyer

Cape Cod Trusts Attorney

It’s perfectly understandable and quite common for those with considerable estates to put together a plan for their loved ones. There are many different elements of a sound estate plan, depending on your individual needs. One of the most important elements you may choose to include is a trust. Putting together a trust may not be easy, especially without legal help. You should consider hiring a Cape Cod trusts lawyer for help figuring out your next steps.

Why Should You Hire a Trusts Lawyer?

There are many important things to consider when choosing to hire a trusts lawyer. You will want to hire a Cape Cod trusts attorney who understands how significant the trust is to you and your family. You will want a lawyer who understands the state’s trust laws and has experience with trust cases similar to yours. At Albanese Law, LLC, we can give you what you need. Matthew Albanese is highly decorated and can bring a personalized approach to your case.

According to recent information gathered by the U.S. Census Bureau, the median household income in Massachusetts is quite high. As of the most recent census, the average yearly income in the state is around $101,000.

With an estate of that size, it’s common to want to keep it protected in various ways, including by establishing a valid trust in order to avoid probate entirely. A recent poll of more than 2,500 adults in the country found that only about 13% had a living trust, and more than 50% had no type of estate planning document in place.

One of the most awkward and potentially difficult parts of the entire estate planning process can be sitting down and discussing your intentions with your family. Talking about your own mortality may not be easy, and you may be reluctant to actually have that conversation. You may want to enlist the help of a local grief support group like What’s Your Grief. They can help you stay on topic and navigate the conversation in a meaningful and productive way.

Different Types of Trusts in Massachusetts

A trust is a viable estate planning option that can give you more control over asset distribution and potentially help you avoid probate court entirely. A trust can prevent anyone but your designated beneficiary from accessing and receiving the funds within, while your chosen trustee guards those funds until the time is right.

Here are two of the common types of trust you can establish in Massachusetts:

• Revocable Trust: A revocable trust can be modified at the grantor’s request at any time they wish to do so. Whenever you feel the trust needs to be changed, like after a wedding or a death in the family, you can do it at your own discretion. However, once you have passed, the revocable trust can no longer be modified, and it turns into an irrevocable trust.
• Irrevocable Trust: Once an irrevocable trust is established, it cannot be modified for any reason. Even you, the grantor, cannot update it or end it. These trusts are largely used for future funds intended for grandchildren or possibly even great-grandchildren. Your involvement ends when you choose a trustee who can access the funds.

Contact Us Today

At Albanese Law, LLC, we can help you create a trust that you can rely on. Contact us to speak to a member of our team about your case.