Middlesex County Trusts Attorney
Protecting Your Assets Now and in the Future
If you want to avoid probate so your estate doesn’t have to pay all of the probate fees and you want your estate to be able to be distributed more quickly to your beneficiaries after you pass, a trust is a great option for you. A trust can help you manage your assets during your lifetime, direct allocation of your assets after you die, and do so much more. There are many different types of trusts you can choose from depending on your specific situation and goals.
If you’re interested in creating a trust, working with a Middlesex County estate planning attorney is the best way to select the type of trust that’s right for your needs. As your legal team, we’ll sit down with you and learn more about your assets and your estate planning goals, including how you’d like to distribute your assets in the future and what kind of asset protection you may be interested in.
With the right trust, you can safeguard your wealth and pass it along to your beneficiaries. To learn more about trusts and receive a confidential consultation, contact our law firm by calling (617) 765-9307.
What is a Trust?
A trust is a legal agreement between the grantor, creator of the trust, and the trustee, person who manages the trust. In some cases, the grantor might also choose to be the trustee. The grantor also names beneficiaries who will eventually receive assets from the trust, typically in the form of money or property.
The grantor works with an attorney to create a trust document based on their needs. In a trust document, you can include specific instructions about the powers and responsibilities of the trustee. The trust also directs paying out of any trust income to beneficiaries if applicable, details instructions for final distribution, and explains specifics about terminating the trust. Then, the grantor chooses a trustee, which can be an individual or an entity, like a corporation or a bank.
Once the trust has been created, the grantor will move assets into the trust. Trusts can hold most assets, including real property, bank accounts, investments, and more. The trustee will manage and maintain the assets while they are in the trust.
In many cases, the assets in the trust will be distributed after the grantor passes away. Trusts can also benefit beneficiaries or grantors during the grantor’s lifetime. Our attorney will help you create that is right for your needs.
What Are the Main Benefits of Creating a Trust?
There are many advantages to creating a trust. Because there are so many kinds of trusts to choose from, our team can help you create a trust that meets your estate planning needs.
Some benefits of a trust include:
Avoiding Probate
Probate is a court process wills must go through. Trusts are not subject to the probate process, meaning your beneficiaries can receive their assets more quickly. Additionally, your estate will save money, as it won’t have to pay court fees.
Controlling Your Wealth
When you create a trust, you include exact instructions for how your assets are to be distributed. You control when distributions are to be made and who they will be made to. If you create a revocable living trust, you can access and control your assets before they are distributed.
Privacy
All assets that go through the probate process become accessible to the public. Because trusts are not subject to probate, the assets and content of the trust will remain private.
Asset Protection
With the right kind of trust, you can protect your assets from creditors. You can even protect a beneficiary from their own poor money management skills. You can also use trusts to lower your estate taxes.
What Are the Two Basic Types of Trusts?
There are many different types of trusts, and it’s important to choose the type of trust you use based on your particular needs. The two fundamental kinds of trust are revocable and irrevocable.
Revocable Trusts
Revocable trusts, also called revocable living trusts, can be modified or revoked during the grantor’s lifetime. If you create a revocable trust, you can add assets, remove assets, or revoke the trust entirely. However, a revocable trust doesn’t offer as much asset protection as an irrevocable trust.
Irrevocable Trust
An irrevocable trust can’t be changed or revoked by the grantor once it has been established. Because irrevocable trusts are much less flexible than revocable trusts, they offer more asset protection.
There are many kinds of trusts you can create depending on your goals. For instance, if you’d like to donate to charity, you may choose a charitable lead trust. If you’d like to pass assets onto future generations, you might choose a generation-skipping trust. You can tailor your trust so it fits into your overall plan for the future.
How Can a Trust Attorney Help Me?
Whether your goal is to minimize your estate taxes or protect your assets, a trust is the right estate planning tool for you. Our estate planning attorney will examine your assets and learn more about your goals for the future before advising you on which trust to choose. We’ll then help you create the trust and write out specific instructions for your assets so there is no question about how you want them managed and distributed.
It’s never too early to start building an estate plan. At The Heritage Law Center, we have helped many clients protect their legacies and safeguard their financial futures, and we’re confident that we can help you, too. Please don’t hesitate to reach out to our team. For more information and to receive a confidential consultation, contact us today by calling (617) 765-9307.
