Trusts Lawyer in Worcester Offering Personalized Solutions for Trusts and Estate Planning
When you create a trust, you are putting in place a legal arrangement that will protect your assets for the benefit of someone else. This can be a very important step, especially if you have children or other loved ones who may need some help down the road. A trust can provide peace of mind, knowing that your loved ones will be taken care of even if something happens to you.
In addition, trusts can be helpful in estate planning. They can allow you to pass on your assets to your heirs in a tax-efficient way, and they can also help protect those assets from creditors. If you want to make sure your estate is handled in the way you want, starting a trust is a great way to do that.
Concerned about what will happen to your assets after your death? At the Law Office of Polly 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 and court fees and may reduce estate taxes. Call us today at 508-795-1557 to begin setting up a trust.
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 document is to organize your assets and protect your wealth.
A trust is a legal arrangement that can protect assets for the benefit of people who may not be able to take care of themselves. Trusts are often used as part of an estate plan, and they come in many forms. There are trusts that can pay out income or principal at regular intervals, trusts that allow you to decide when beneficiaries receive payments (known as “discretionary” trusts), and even trusts designed specifically for disabled people.
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 a will is a trust can go into effect at any time, whereas a will goes into effect after you die. Living trusts are created while you’re alive.
While there are many types of trusts, a major distinction between them is whether they are revocable trusts or irrevocable trusts:
- 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 trusts: Irrevocable 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.
What are Some of the Benefits of Establishing a Trust?
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 the public record, but a trust allows assets to pass outside of probate and remain private.
Interested in establishing and administering a trust? Contact the Law Office of Polly Tatum today to get the process started.
What Are Some Complications That Can Arise When Establishing a Trust?
There are many potential complications that can arise when establishing a trust. One common complication is finding a qualified trustee. The trustee is the person who will manage the trust and its assets. It is important to find a trustee who is honest and trustworthy. Another complication that can arise is deciding how to distribute the assets of the trust. This can be a difficult decision, especially if there are multiple beneficiaries.
No two trusts are alike, so it’s important to have an attorney who is familiar with the nuances of trust law. At our firm, we take the time to get to know our clients and their unique needs. We then tailor our services to fit each client’s individual situation.
If you are considering setting up a trust, it is important to consult with an experienced trusts lawyer. A trusts lawyer can help you navigate the complicated process of setting up a trust and avoid potential problems. We offer personalized solutions for trusts and estate planning. Contact us today to schedule a consultation.
Do I Need a Trust Lawyer 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 Office of Polly 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 strategy session. Interested in establishing a trust? Call our estate planning lawyers in Worcester at 508-795-1557 or contact us online to book an appointment.