Living Trust in Massachusetts: what you should know

So what’s a living trust? It is basically a powerful estate planning tool, which typically allows its creator for planning for the future while choosing from several options available during her lifetime. Living trust in Massachusettsdoes not come under the purview of state legislation; hence there is no office you need to visit for getting approval or documentation.

Whether you are trying to work on the Living Trust in Massachusetts or Planning for Incapacity in Massachusetts, you need to walk through the legal ways. As a matter of fact, for the greater perspective of creating a living trust, a person (the trustee) effects a written transfer of his assets into the trust. The trust is basically a legal vehicle, pursuant to Chapter 203B, Section 2(a) of the Uniform Custodial Trust Act. The trust is then administered for the benefit of the trustee. Typically the trust can be revoked or modified by the trustee during his lifetime.

Planning for Incapacity in Massachusettsis easy and the executer’s duties under a living trust are similar to those of an executor of a will. compiling the trust’s assets, discharging debts, paying any liabilities or taxes, and then distributing the remainder according to instructions are few of the important tasks of the executer. The living trust typically does not come under the purview of the Massachusetts Probate Court, so the executor might not act immediately to fulfill his duties under the trust.

Advantages and benefits of Living Trust in Massachusetts

The incredible benefit of a living trust is that the entire process can be handled outside of the Massachusetts probate system, without much need for any court review or supervision.

So you really think, you need a legal hand for Living Trust in Massachusetts? Consider the following things:-

First, living trusts are very individualized documents, which needs to be drafted to meet your individual circumstances.

Second, you should at least talk to the Living Will in Massachusettsattorney with experience drafting living trusts. Make sure, your living trust is properly executed and also, it must be witnessed and notarized. Finally, ensure that your living trust is properly funded.

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