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trusts Archives

Making the decision regarding trusts in an estate plan

Estate plans are most efficient when they contain all the necessary documents pertaining to a person's particular situation. Some Massachusetts residents might find that including trusts in a comprehensive estate plan could be worth their while. The first order of business is finding out whether a trust would be useful. If so, what type of trust would be best, and who is to be named trustee?

Can I modify a trust after it has been created?

When going through the estate planning process, the hope is to set something up that will not only offer the protections one desires but will also stand the test of time. For many Massachusetts residents, setting up a trust is the way to meet these goals. However, some worry that doing so will lock them into something they may not be happy with down the line. The good news is, a trust may be modified if needed.

Seeing the possibilities of blind trusts

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.

Trusts can be an important estate planning tool

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.

Equal love need not equal identical trusts

Parents who have multiple children will vow that they love all of their children equally. While one may love children equally, it does not necessarily mean that they have to be provided for equally in one's estate plan in Massachusetts. Just as children have different passions, likes and dislikes, they may also have different needs. Trusts are often established for children as part of a parent's estate plan.

Don't believe what movies say about trusts

Movies and TV shows like to vilify characters with trust funds, portraying them as spoiled, entitled and averse to any kind of hard work. This repeated characterization has helped shape society's view of trusts. Most people think that trusts are only useful to the very wealthy, or that creating a trust will make their heirs lazy. Neither of these are true. In fact, most people in Massachusetts could probably benefit from these powerful estate planning tools.

Trusts and how they can aid estate planning

The language of estate planning can be confusing to some and can serve as a deterrent to putting a plan in place in Massachusetts. This need not be the case. Two terms that are tossed about a lot in the estate planning world are wills and trusts. Both can be very effective tools when putting an estate plan together.

Do you have a pet trust?

While you may use your will to provide for your heirs by distributing your assets among them, Massachusetts law does not allow you to leave money to your pets as a gift. However, you may still ensure that there are resources to care for your pets by creating a trust. Establishing a pet trust may allow you to name a person to take over as a guardian after you pass away and ensure there is enough money to give your pet the level of care you desire for them.

Can I put out-of-state property in a Massachusetts will?

If your family is from a state other than Massachusetts, or if you simply like to get away from it all every once in a while, you may have out-of-state real estate in the form of a vacation property, condo, timeshares and so on. These and other types of out-of-state property could trigger a process known as ancillary probate.

Setting up a trust as a business owner

There are a number of advantages when it comes to trust, and this is especially true for those who own a business. Whether you run a large corporation or a smaller local business, you may benefit from a trust in many ways. For example, a trust can help ensure that your business will be run smoothly in the event that you are no longer able to take care of things, for whatever reason. Whether you are incapacitated due to a health problem or an age-related issue, or you find yourself in a motor vehicle crash that you never saw coming, trusts can make these hardships easier for you to deal with.