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Trusts Archives

A special needs trust can help put parents' minds at ease

Many Massachusetts parents devote their lives to taking care of their children -- especially children with special needs. These children often require care even after they become adults, and additional estate planning will most likely be required in order to help secure their futures. Creating a special needs trust to go along with other documents could help put parent's minds at ease.

Powers of attorney are essential parts of estate planning

Most Massachusetts residents focus on what will happen after their deaths when creating estate plans. However, it is just as important, if not more so in some cases, to plan for what will happen in the event that they are not able to care for themselves at some point. This is where powers of attorney become essential.

Having a will and a revocable trust is not enough

Massachusetts residents who engage in estate planning often feel that their job is done once they sign on the dotted line. However, having a will and/or a revocable trust is not enough to ensure that the assets will end up with the proper heir or beneficiary. The property needs to be properly titled and beneficiary designations on other accounts need to be in line with the rest of the estate plan.

Using a revocable trust to distribute assets to children

There are many types of trusts that can be used depending on an individual's circumstances and family dynamics. Even so, the most popular type of trust used by people here in Massachusetts and elsewhere is the revocable trust. This is because the grantor can make changes to the trust during his or her lifetime.

Creating a revocable or irrevocable trust for pets

In 2011, Massachusetts recognized that its residents care about their pets as if they were members of their families by passing a law allowing people to create trusts for their pets' care after their deaths or incapacitation. A beloved pet could end up in a shelter or even die of starvation if no arrangements are made in advance. Creating a revocable or irrevocable trust for a pet is a way to circumvent that eventuality.

The benefits of a special needs trust for Massachusetts families

Most Massachusetts parents use estate planning to provide for their children after they pass away. If you are a couple with a special needs child, providing for him or her may take on a greater significance. Using a special needs trust to achieve that goal has numerous benefits for your child.

What is the purpose of a special needs trust?

A person can have special needs as the result of a variety of situations. A disability could be genetic, occur at birth or be the result of a catastrophic accident. Regardless of how a Massachusetts resident became disabled, he or she may be entitled to assets through an inheritance, a settlement or some other means. Using a special needs trust to hold those assets can provide unique protections for the disabled person.

Use a revocable or irrevocable trust for life insurance proceeds

Many Massachusetts families purchase life insurance policies to provide for their minor children if they pass away. However, a minor child cannot inherit the proceeds. Without a revocable or irrevocable trust to hold the proceeds upon death, family members will have to spend additional time and money to be appointed as the guardian of the minor child in order for the funds to be distributed.

Will a revocable trust help meet estate planning goals?

The old saying, "you can't take it with you," is true. However, that does not mean that Massachusetts residents cannot retain control over with happens to it. For instance, some people may need nothing more than a will to meet their goals, but others will need something else -- such as a revocable trust -- in order to ensure that their assets are protected and distributed in accordance with their wishes.