Winchester Trust Attorney

For some Winchester residents, a will may simply not be enough for their estate planning needs. In these cases, a trust may be a better fit. Trusts are agreements that allow a designated trustee (sometimes the trustor, the person who created the trust) to manage assets for a trustor’s chosen beneficiaries. There are many types of trusts to choose from, and your best option depends on your specific needs.

Our experienced trust attorney serving Winchester at The Heritage Law Center has extensive knowledge of trust types and their benefits. Matthew Karr, Esq., is eager to help Winchester residents like you build a trust that works for your estate plan.

Benefits of a Trust for Winchester Residents

Two common estate planning options are wills and trusts. Trusts offer some advantages: asset management, probate avoidance, and privacy. Also, a trust can be used to distribute property before death, at death, or afterward.  Gifts made in your will are distributed directly to the intended beneficiary without any conditions or controls, so your assets will be distributed in one lump sum upon your death. This means if you intend to give your child a large sum of money, they will receive it all at once.

Trusts give you more control over the distribution of your assets. Your trust can direct the distribution of the inheritance in staggered disbursements over the years. That way, you can provide for your loved ones over a longer period of time. If you’re concerned about how your beneficiaries will handle a considerable amount of funds given to them all at once or you want to set aside money for specific instances, like higher education or buying their first house, trusts allow you to release assets gradually.

Trusts are also exempt from a will’s probate court requirement. Local probate courts oversee the transfer of a deceased individual’s estate using their will if they have one. Probate can stretch on for months before your loved ones receive these assets and there are costs involved in the process. Trusts often allow speedier access to your assets, which can help support your loved ones with any looming bills they need to cover after your death.

Types of Trusts

There are two types of trusts in general. A revocable trust can be changed at any time during the lifetime of the person who created it. An irrevocable trust can’t be changed after it’s created. The advantages of an irrevocable trust are that it can help you become eligible for government programs and in some cases even minimize estate taxes.

An experienced attorney like The Heritage Law Center’s Matthew Karr can help you navigate which type of trust is best suited for your estate plan. Some options Winchester residents may consider are the following:

• Trusts for Minors – When leaving assets to your children or grandchildren, you may be concerned about allowing them to have all these assets at the time of your death. A trust for minors helps you plan how your assets will be distributed to minor children, including options to stagger the distribution over time.
• Special Needs Trusts – A special needs trust (or supplemental needs trust) is an estate planning tool that can help provide for the needs of an individual who is disabled without jeopardizing their eligibility for government benefits.
• Spendthrift Trusts – This trust is ideal if you have a beneficiary who may struggle with gambling, substance abuse, or money management. A wise trustee can make certain the beneficiary has their needs met but is protected from squandering a sizable inheritance.
• Pet Trusts – Our pets can feel like members of the family, and you may want to include considerations for your pets. This trust gives you control over the care your pet receives following your death. You may even leave funds meant to help care for your pet and assign a guardian for your pet following your passing.

These are only a few of the many options Winchester residents have when creating a trust. Talk to our trust attorney serving Winchester if you’re unsure what type of trust is best for you. Our lawyer will help you create the right trust for you.

Get Personalized Help from a Trust Attorney Serving Winchester

At The Heritage Law Center, we’re eager to help you build your best estate plan and choose the right type of trust for you. Matthew Karr, Esq., will use his expertise to will guide you to choose and create the right trust for your future and maximize the impacts of your assets for your beneficiaries.

If you’re ready to explore your options with a skilled trust attorney serving the Winchester area, call us at 617-765-9307 or fill in our online form for a consultation.