There are many types of trusts that you can create as part of your estate plan. Revocable living trusts are a common option. Here are a few facts on Massachusetts revocable living trusts that can help you decide whether it’s the right choice for you.
Benefits of Revocable Living Trusts
Revocable living trusts are popular because they are so flexible. They can be altered at any time to adapt to changes in your life. You can switch beneficiaries, alter provisions, or even replace the entire contents of the trusts with an amendment.
Similar to other trusts, revocable living trusts avoid the probate process. Your assets are quickly transferred to your beneficiaries without the expense and delay of court proceedings. By avoiding probate, your information is also kept out of public records. This allows you to maintain privacy for both you and your beneficiaries.
In Case of Disability
Should you become disabled, revocable trusts allow your estate to be managed by a designated trustee rather than someone assigned by the courts. Again, by keeping it out of the courts, the matters of your estate can be addressed more quickly and without hassle.
When Are Massachusetts Revocable Living Trusts Not Enough?
Revocable Trusts are not designed for creditor protection. They are also not designed to shield assets from the costs associated with long term care. These types of concerns should be addressed through the use of more advanced estate planning techniques.
Selecting the right type of trust is one of the many things that we discuss with you in our estate planning consultations. Contact us today to schedule an appointment. As part of our LEGACY process, we take the time to understand your specific needs and work with you to develop a plan.