Wills and Trusts
Taking the proper time to prepare a detailed estate plan – a will or a living trust – is important. Our professional probate lawyer at Booth Law, P.C. can help families grieve without having to worry about making important and difficult decisions during a time of loss. We can deal with all of the lengthy paperwork for you and prepare for the future now, rather than when it’s too late.
Wills Versus Trusts in Massachusetts
One of the main differences between the two legal documents is that a will goes into effect after someone dies while a trust is effective immediately after its creation. A will is a legal document that directs who will receive property after someone’s death. It usually also appoints a legal representative (an executor) who will carry out the wishes specified in the legal document. A will covers any property that is only in the beneficiary’s name. Meanwhile, a trust only covers property that has been transferred directly to the trust. Another difference is that while a will passes through probate court, the court is not needed for a trust to pass.
A trust is used to begin the process of distributing property before death, at death or after death. It depends on the wording of the document. This is a legal arrangement through where one individual or even an institution (known as a trustee) holds the legal title to property for someone else (beneficiaries). A trust has two different beneficiary types: one that receives income, and one that receives whatever is left after the first set of beneficiaries have passed.
Deciding Which Legal Arrangement is Best for You
There are many reasons why establishing a trust should not be overlooked. To determine which is the best option for you, consider the following:
- Is informal probate available to you? If your estate could pass under an expedited form of probate, then a will would be more appropriate.
- Do you have minor children, children, or family members with special needs? If so, a will allows you to pass things onto heirs, but does not give you much control over their use of the property.
- Will you owe estate taxes? If the value of your estate exceeds your current estate tax threshold, then you may consider setting up a trust to protect your family.
- Will you be in charge of your estate? If not, then a living trust may not be suitable.
Call to Speak to a Probate Lawyer in MA Today
If you’re wondering which detailed estate plan would work best for you and your family, our probate lawyer can help you weigh out your options. At Booth Law, P.C., we have years of experience creating both wills and trusts and can offer professional legal advice to protect your family in the future. To schedule an appointment today, call our law office at (508) 202-1709.