With trusts, there are many different types of terms that you may need to familiarize yourself with. For example, you may want to find out more about the differences between revocable and irrevocable trusts or go over some of your different options. However, it may also be helpful for you to examine how express trusts and non-express trusts differ. Across the state of Massachusetts, it is important for those creating a trust to develop a clearer understanding of the trust-related issues they are facing.
Express trusts are designed in express terms and involve a settlor creating a trust in which they are designated the trustee or someone else is appointed as the trustee. Settlors are abke to use express trusts to transfer their assets to trustees and private express trusts are a very common type of trust. Setting up a private express trust can be an excellent way for a settlor to ensure that the property they own will be distributed to their loved ones appropriately once they pass away.
As with all other types of trusts, there may be various roadblocks that arise during the formation and execution of a trust. In order to make these challenges less likely, it is pivotal to be careful as you approach the estate planning process and do your best to find solid advice and make the right call if you have any areas of uncertainty.
Our section on estate planning covers additional topics that are interconnected with express trusts and other trust-related matters.