When forming a strategy for the future, many individuals in Massachusetts may feel it vital to ensure that they have the options to make changes to their plans should the need arise. Some may be hesitant to explore estate planning options out of fear that what they put in motion might be set in stone. By understanding how to help promote flexibility in options such as a trust, one might be able to overcome previous reservations and begin planning for what comes next with peace of mind.
When setting up a trust, those who wish to take a more flexible approach to the process could consider giving discretion to the trustee. With a discretionary trust, the trustor could give the trustee the power to make decisions pertaining to the distribution of assets within the trust. The trustor may also have the option of setting guidelines that the trustee must follow when making these decisions.
One may also find it helpful to explore the potential benefits of choosing someone to act as trust protector. While a trust protector does not act as trustee, this person may retain the power to address and resolve a variety of issues that may arise in the future. Experts indicate that a similar option is typically more viable in scenarios in which a trust will remain in effect for extended periods.
While fully understanding each of one’s available options for promoting flexibility when setting up a trust can be beneficial, it can also be a challenging process. Those who wish to obtain guidance in navigating the estate planning process could find it helpful to retain the services of an attorney early in the process. An attorney in Massachusetts can address all a client’s wishes and concerns and assist in establishing a plan that is in keeping with his or her preferences for the future.