We all know we cannot bring our property with us when we die. That is why it is important for people to have an estate plan.
This will help ensure that their property will go to the people we want to have it after we pass away.
There are different options that people have to accomplish this goal.
One is by having a basic will. Wills allow people to name beneficiaries and will ensure that those beneficiaries receive their property.
However, even with a will, the estate will need to go through probate. This can cause extra hassle for people’s loved ones.
Benefits of having revocable trusts
You can help your loved ones and avoid probate by having a revocable trust.
You will first need to transfer property to the trust, which means you will no longer actually own it, the trust will.
Since the deceased was not actually the owner at their death, property in trust does not need to go through probate. Instead, the trustee will administer the trust assets according to the wishes of the deceased.
Since the property is owned by the trust, it also has other benefits.
If you become incapacitated while you are still living, the trustee can continue managing the assets for your beneficiaries.
Note that some of the advantages of revocable trusts are even stronger for irrevocable trusts. However, a revocable trust gives you a greater degree of control than does an irrevocable trust.
While trusts are beneficial for certain people in Massachusetts, it is still important to understand which type of trust may be best for you.
Experienced attorneys understand the different types of trusts and may be able to help you determine the best option for you and your family.