Understanding Revocable Trusts

Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity. In addition, revocable trusts–sometimes called “living” trusts–are incredibly flexible and can achieve many other goals, including tax, long-term care, and asset-protection planning. A trust is a legal arrangement through which one person holds legal title to property for another person. As the creator of a revocable trust, you are called the “grantor” or the “donor.” While you are alive, you are a beneficiary of the trust and can also serve as either the sole trustee or as one of a number of

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Why Estate and Trust Planning is Important

The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries — those you love the most — may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among your heirs. This is why estate planning is so important, no matter

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What makes a Will official or executable? Do I need an attorney to make an official Will?

A Last Will and Testament, known as a Will, is a legal document created by an individual instructing how they would like their final wishes to be carried out after death. In the state of Massachusetts, if a person dies without a Will, state laws will determine how and to whom the person’s assets will be distributed. This process is referred to as intestacy law, and the court’s distribution of a person’s estate cannot be disputed beneficiaries. This is why having a Will is one of the most important legal documents a person can create. To be considered legal and

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Learn the benefits of revocable vs. irrevocable trusts and how they differ.

The ability to change is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (i.e. change) provisions of the trust agreement after signing. These changes could include adding or removing beneficiaries of the trust by amendment or even dissolving the entire trust. Unless a successor trustee is named in the trust agreement, a revocable trust becomes irrevocable upon the death of the person or persons who formed it. Revocable trusts can be an important tool in estate planning. Like a will, they offer a flexible option in

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Estate Planning for a Vacation Home

If you are lucky enough to own a vacation home, then you need to figure out what will happen to it after you are gone. Many parents hope to keep vacation homes in the family, but guaranteeing that can be tricky. While meant to be fun and relaxing places to get away from everyday life, vacation houses can cause problems between siblings after their parents pass away. Some siblings may want to use the house, while others may need cash and want to sell. There may be disputes over who pays maintenance costs or when different families can use the

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Here’s Why You Should Have a Trust

In addition to having a will, many people are now setting up trusts as part of their estate planning. A common type of trust is the revocable trust which can be changed during a person’s lifetime. Revocable trusts are considered the “workhorse of modern estate planning.” To find out other reasons a trust should be part of your estate planning, follow our link to the NYT article. Life After Your Death? Here’s Why You Should Have a Trust By Elizabeth Olson at New York Times Everyone needs a will, but, increasingly, estate planners say people also could benefit from setting

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The Power of Trusts
A guide to trusts for asset protection, estate tax avoidance, and legacy management

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