There are many things people can do to effectively manage their money. Some Massachusetts residents may be wondering how trusts can be beneficial to them in the estate planning process. Those looking to have better control over their financial portfolios — which can include stocks, real estate, bonds and the like — might want to investigate blind trusts managed by trustees.
The grantor — or the person to whom the trust belongs — has a trustee look after the trust without knowing how the trustee manages the trust or what investments he or she chooses to make on the grantor’s behalf. Just because the grantor does not know what is happening with the trust does not mean the trustee can do anything he or she likes. The trustee is still beholden to the grantor to make decisions he or she believes will culminate in the best outcome for the grantor. Blind trusts can either be revocable or irrevocable.
A blind trust may be the best option when a grantor has to maintain a distance from his or her own assets due to possible conflicts of interest in a professional capacity. They may be especially useful for elected officials and high level corporate professionals. It also works to keep assets safe from public scrutiny.
A Massachusetts attorney can help clients decide what kinds of trusts might be best suited to their personal needs. An attorney can answer questions regarding trusts since this area of the law can be confusing to many people. A lawyer can also set up a trust and act as a trustee.