Call: 978-355-2289
CALL
Landry & Meilus, LLP | Attorneys At Law

Responsive attorneys providing high-level service with a focus on client relationships.

Reliable Services For Creating And Managing Trusts In Massachusetts

A trust is a legal tool used by a grantor to give control of their assets to a trustee to manage for one or more beneficiaries. In Massachusetts, trusts in estate planning aim to ensure the management of assets in life and their distribution according to the grantor’s wishes after their passing.

Since 1986, our law firm, Landry & Meilus, LLP, has offered estate planning solutions to individuals from the greater Worcester and North Quabbin regions and across Massachusetts. Whether you are looking to create or manage a trust, we are trust attorneys in Barre who can provide compassionate and efficient representation.

How To Set Up A Trust Fund

To set up a trust fund, you must first understand the differences between revocable and irrevocable trusts. A revocable trust can be changed or terminated during the grantor’s lifetime, while an irrevocable trust is more permanent and difficult to modify.

It’s important to keep this distinction in mind when determining which type of trust is best for your situation. The steps to take when creating a trust are as follows:

  • Determine the type of trust: Consider factors such as asset protection and tax implications when deciding whether a revocable or irrevocable trust is best for your situation.
  • Choose a trustee: Select a trustworthy individual or institution to manage the trust assets, verifying that they have the necessary skills and proficiency.
  • Identify beneficiaries: Clearly define who will benefit from the trust, including their names, addresses and relationships to the grantor.
  • Create a trust agreement: Outline the terms and conditions of the trust, including the management and distribution of assets. The grantor must sign the trust agreement, and it is highly recommended that the document be notarized.
  • Fund the trust: Transfer assets such as cash, property or investments into the trust and ensure proper documentation.

When setting up a trust fund, consider your goals and consult with us to ensure the fulfillment of your wishes. We will assist you throughout the process, helping you make informed decisions about your trust.

Benefits Of Creating A Trust

A trust can offer significant advantages. While there are many types, a revocable living trust is one of the most common. With a living trust, you can control and modify the trust as needed, ensuring that your assets are managed according to your wishes during your lifetime and after your passing.

The benefits of creating a trust include the following:

  • Avoiding probate: Regarding a trust versus a will, a trust generally allows assets to pass directly to beneficiaries without going through the probate process, saving time and reducing costs. Meanwhile, a will requires probate to transfer assets to beneficiaries.
  • Maintaining privacy: The administration process for a trust is private, unlike a will, which becomes a public record during probate.
  • Creating trusts for minors: You can create specific trust provisions for minor beneficiaries, avoiding the need for a court-appointed guardian to manage their inheritance.
  • Managing a trust: A trust provides for seamless asset management in the event of your incapacity without the need for court intervention.
  • Handling trust administration: A trust makes the post-death administration process efficient, allowing a successor trustee to manage and distribute assets without court supervision.
  • Providing control and flexibility: With a revocable living trust, you can manage and modify the trust during your lifetime. You can change beneficiaries or assets as your life circumstances change.
  • Protecting assets: With an irrevocable trust, assets can be shielded from creditors and lawsuits, providing an added layer of security.

While there are many benefits of a trust, there are potential drawbacks to consider, such as the cost of creating a trust and maintaining it, and the potential for disputes or challenges. As estate planning lawyers, we can help you weigh the pros and cons and determine whether a trust is right for you.

Act Now: Set Up Or Manage Your Trust For Asset Protection

Amid life’s uncertainties, it is vital to secure your legacy. At Landry & Meilus, LLP, we are here to help you create or manage a trust. Reach out to us by calling 978-355-2289 or completing our online contact form to arrange a consultation.