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The cost of creating a revocable trust in Massachusetts

When one makes a will, it must go through the process of probate, and therefore, the assets will take a long time to reach the beneficiaries. In addition, there will be costs deducted from the person's estate for the administration of the probate process. This is why keeping all assets in a will can be costly and why many people consider the benefits of opening a trust.

Creating a revocable trust, otherwise known as a living trust, can mean that you are able to gain financial privacy, since all wills are public documents. In addition to this, you will possibly be able to reduce your taxes and the use of your assets can be managed in the event of you becoming incapacitated.

How much does it cost to create a revocable trust in the state of Massachusetts?

While there are many ways to make a revocable trust work to your advantage, they are relatively simple to create, and it can be done in theory without any professional help. In Massachusetts, there are filing fees that will depend on the exact type of petition you wish to make. In order to create a general petition for the creation of a trust, the filing fee is $375 with a surcharge of $15.

Once the trust has been created, there will be a great deal of paperwork involved, since every asset that is added to the trust will need to be signed for.

If you want to create a revokable trust in the state of Massachusetts, it is important that you understand the entire process before taking action. An experienced estate planning attorney can provide guidance and advice that can be very helpful.

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