Lexington Trust Attorney
To build their best estate plan, many Lexington residents choose to create a trust. A trust holds legal title to your assets for the benefit of a beneficiary, an individual you’ve chosen to receive them. When creating a trust, an experienced trust lawyer like Matthew Karr, Esq., can work with you to create a trust for you that accurately expresses your goals.
Trusts offer a variety of benefits, including asset management, probate avoidance, privacy (unlike wills which are publicly available), and protection from excessive taxation. At The Heritage Law Center, we’ll help you determine what type of trust will serve your unique needs. Talk to a skilled Lexington trust attorney to give you control over your assets and protect your loved ones.
How Can Trusts Help Lexington Residents?
A trust allows you as the trustor, the person creating the trust, to confidently provide for your loved ones over long periods by outlining staggered distributions to a beneficiary instead of giving them a large sum of assets at once.
If you have children, you may not feel comfortable with them receiving a large portion of your assets before they turn a certain age. With a trust, you can set a distribution schedule where they get a certain amount of money at different ages during their life or when they achieve a certain milestone you set like graduating from college.
If you’re concerned about how a loved one will handle acquiring a large sum of money at once, you can feel safe knowing your trust will protect your loved one from squandering their inheritance all at once and provide for them over time.
Unlike wills, trusts don’t go through probate. When an individual who has a will dies, local probate courts monitor the transfer of their estate. Even with a will, this process can take months to be resolved, leaving your loved ones without access to your assets. Our experienced trust attorney can help you set up a trust to support your loved ones more quickly.
Types of Trusts Available to Lexington Residents
When planning to create a trust, your basic options are to create a revocable or irrevocable trust. A revocable trust remains part of your estate and offers more flexibility because you can change it at any time or terminate it. Irrevocable trusts have far less flexibility because they can’t be changed or dissolved, but because the assets no longer belong to you in this type of trust, they’re well-protected and may be considered non-countable assets by the time you apply for MassHealth.
There are many types of trusts, each serving different purposes. One trust is designed for families that have at least one member whose physical, cognitive, or psychiatric disability prevents that person from managing money, while another trust funds a chosen charity generously and benefits the family in terms of lowering taxes and generating income.
If you’re not sure what type of trust is right for you, talk to attorney Matthew Karr, Esq., about the options below:
- Testamentary trusts
- Trusts for minors
- Special needs trusts
- Spendthrift trusts
- Charitable trusts
- Married A/B trusts
- Qualified terminable interest property (QTIP) trusts
- Qualified personal residence trusts (QPRTs)
- Pet trusts
- Gift trusts
- Standalone retirement trusts
Seeking more information about estate planning and your strategy for the future? We offer free reports on estate planning essentials, saving on taxes, and selecting a guardian, among others. Check these reports out and speak with our lawyer about your options.
Speak with a Trust Lawyer Serving Lexington
Matthew Karr, Esq., and his team at The Heritage Law Center are eager to help you build the best estate plan for you and your family. Matthew will help you evaluate your options and choose the right trust types to protect your assets, meet your goals, and provide for your loved ones.
If you’re ready to talk to a trust attorney serving the Lexington area who puts your needs first, call us at 617-299-6976 or fill out our online form for a free initial consultation.