When a person passes away, loved ones left behind will look at his or her will and other estate planning documents to determine what to do with assets and personal property. Having a plan is important, but a simple will may not be enough for a Massachusetts adult who has specific goals for his or her estate. Trusts can be a useful tool that allows an individual to set aside assets, protect them and designate them for a specific purpose.
Simply designating something to an heir through a will may not be sufficient. There are many reasons why this may not be the most effective estate planning approach. However, through a trust, it is possible to set aside assets that can be given directly to the beneficiary according to the terms of the trust without going through the probate process. The trustee will oversee this process and be responsible for making sure assets from the trust are distributed properly.
There are various goals that trusts can accomplish. These are useful tools for those who want to protect assets, plan for estate taxes, give to charities, care for a loved one with special needs and much more. They can also help with specific retirement planning goals.
When creating an estate plan, Massachusetts adults would be wise to consider the benefits of trusts. They can benefit individuals of all income levels and those with all types of goals for their estate and beneficiaries in the future. Assessing the individual situation can reveal what specific steps are important for a complete plan.