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Trust Lawyer in Worcester

Offering Personalized Solutions for Trusts and Estate Planning - Call (508) 219-6264

Concerned about what will happen to your assets after your death? At The Law Office of Polly A. Tatum, we are here to help you take control of your assets by setting up a trust, which serves to avoid probate after your death. Because the assets placed in a trust are able to pass outside of probate, it saves time, court fees, and may reduce estate taxes.

Some of the benefits of establishing a trust include:

  • Controlling your wealth: A trust allows you to specify its terms and control to whom and when distributions should be made (before or after your death).
  • Protecting your legacy: A well-constructed trust protects your estate from your heirs’ creditors.
  • Privacy: Probate is included in public record, but a trust allows assets to pass outside of probate and remain private.

Interested in establishing and administering a trust, or litigating a trust dispute? Contact The Law Office of Polly A. Tatum at (508) 219-6264 today to get the process started.

What Is a Trust?

A trust is a fiduciary agreement between a third party (“trustee”) who holds assets on behalf of a beneficiary or beneficiaries. There are numerous types of trusts, but the main goal of any trust is to organize your assets and protect your wealth. A trust differs from a will, as it allows your beneficiaries to gain access to any assets more quickly than they might otherwise if they were transferred through a will. The main difference between a trust and will is a trust can go into effect any time, whereas a will goes into effect after you die.

While there are many types of trusts, a major distinction between them is whether they are revocable or irrevocable:

  • Revocable trusts: Also called a living trust, these allow you to retain control of the assets during your lifetime. These trusts are flexible and can be dissolved at any time, which is useful if your circumstances or intentions change. A major drawback some find in this flexibility is that all assets transferred to the trust are still considered personal assets and are subject to creditors and estate taxes. All revocable trusts become irrevocable after the death of the grantor.
  • Irrevocable trust: These trusts cannot be changed by the grantor after they are signed and the trust has been funded. All assets transferred to the trust can’t be taken back. That means the assets in the trust are permanently given to the trustee and the grantor no longer owns the assets. However the trust assets don’t comprise or contribute to the value of the grantor’s estate, so they’re not subject to estate taxes when they die.

Do I Need an Attorney to Establish a Trust?

Although you can educate yourself about trusts and other forms of estate planning, you can hardly expect to be an expert without the years of law school and practice behind you. At The Law Offices of Polly A. Tatum, we have the ability to draft all the necessary paperwork for you by the corresponding deadlines, and amend them whenever necessary. If you have questions about trusts, please contact us for a consultation.

Interested in establishing a trust? Call our estate planning lawyers in Worcester at (508) 219-6264 or contact us online to book an appointment.

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