Living Trusts Attorney in Somerset, Massachusetts

Planning for the future can be overwhelming. That's why we're here to help you make informed decisions about your estate planning, specifically focusing on living trusts.

Our seasoned attorneys at Coastal Legal Affiliates, P.C. offer personalized guidance for your estate planning needs. Whether you're new to estate planning or looking to refine existing plans, we believe that seeking professional legal assistance is vital. Headquartered in Somerset, Massachusetts, we serve clients in Bristol County, Plymouth County, Somerset, Fall River, Swansea, Dartmouth, New Bedford, Wareham, Lakeville, Plymouth, Kingston, Rockland, Abington, Brockton, Attleboro, and surrounding areas.

What Is a Living Trust?

Living trusts provide flexibility and control over assets and are an important part of estate planning. They let you manage and distribute your assets both during your lifetime and beyond. A living trust is a tool to transfer your assets into the trust while maintaining the ability to modify or revoke it as your circumstances change. 

It is established during the lifetime of the grantor, who creates the trust. The trust itself can be revocable, allowing the grantor to alter the terms or dissolve it entirely if their needs change. Once the assets are transferred into the trust, they are managed according to the instructions laid out in the trust document.  

This management can include various assets, such as real estate, bank accounts, and investments. Importantly, a living trust does not remove ownership from the grantor; instead, it designates how those assets should be handled per the grantor's wishes. 

Benefits of Establishing a Living Trust

Establishing a living trust offers many advantages. Here are some important ones: 

• Avoiding probate: One of the primary advantages of a living trust is that it enables your estate to bypass the probate process, saving time and reducing costs for your beneficiaries. If a trust owns your assets, they are not owned by you, and are not part of your estate.

• Privacy: Since living trusts aren't subject to probate, your estate details remain private, shielding your financial matters from public scrutiny. 

• Flexibility: You maintain control over the terms of your trust, allowing for amendments or revocation if your situation evolves. 

• Planning for Incapacity: If you become incapacitated, a living trust provides a seamless way to manage your assets, so they're handled according to your wishes. 

• Continuity of asset management: A living trust manages your assets according to your wishes without interruption, regardless of incapacity or death. This can provide peace of mind for you and your loved ones. 

• Protection from legal issues: Living trusts can provide a layer of protection against legal issues to your estate, as they are generally more difficult to contest than a traditional will. 

• Efficient distribution of assets: A living trust facilitates the efficient distribution of your assets to beneficiaries upon your passing, helping to streamline the transition and avoid delays associated with probate.

Massachusetts Laws Governing Living Trusts

In Massachusetts, living trusts are governed by statutes, which specify how they must be established and managed. Here are three key points: 

• Trust creation: To create a valid living trust in Massachusetts, the trust document must be in writing, clearly identify the assets being transferred to the trust, and designate a trustee who will manage the trust according to its terms. The trust must be properly funded by transferring assets into it so that those assets are governed by the trust. 

• Trustee responsibilities: Trustees in Massachusetts have a fiduciary duty to act in the best interests of the beneficiaries. This includes managing, investing, and distributing trust assets prudently and transparently. They must also provide beneficiaries with an accounting of the trust's financial activity upon request. 

• Revocation and amendment: Massachusetts law allows for living trusts to be revoked or amended at any time, provided that the trust document explicitly outlines the procedure for doing so. This flexibility allows the trust to adapt to changes in the grantor's circumstances or intentions, maintaining its relevance throughout the grantor's lifetime. 

• Tax considerations: Living trusts in Massachusetts are generally not subject to separate taxation as they are considered "pass-through" entities. This means that any income generated by trust assets is reported on the grantor's personal tax return.  

• Construction and validity: Massachusetts law states that living trusts must be interpreted in accordance with the grantor’s intent, provided that the trust document is clear. Courts typically uphold the validity of living trusts if they comply with statutory requirements and accurately reflect the grantor's wishes.  

Living Trusts Attorney in Somerset, Massachusetts

If you're considering establishing a living trust in Somerset, Massachusetts, Bristol County, Plymouth County, Somerset, Fall River, Swansea, Dartmouth, New Bedford, Wareham, Lakeville, Plymouth, Kingston, Rockland, Abington, Brockton, or Attleboro, Coastal Legal Affiliates, P.C. is here to assist you. With a long-standing reputation for excellence, our team is committed to helping you make informed decisions and achieve peace of mind in your estate planning endeavors.

Call today to schedule a consultation for your estate planning needs.