When thinking about the tools they can use to express their end-of-life wishes, some people may wave off the idea of using a trust. However, this estate planning tool is not just for the substantially wealthy. Living trusts can help any Massachusetts resident achieve their desired goals for asset protection and distribution.
If individuals have concerns that their heirs will fight over remaining assets, setting up a living trust may lessen the chances of that outcome. Though will contests are not altogether uncommon, it is much less likely for living trusts to be contested by surviving loved ones. Of course, that does not mean that a trust can completely negate the need for a will. A will can include other vital information such as executor designations and guardian appointments for minor children.
A living trust can also help individuals who want to have more control over how their assets are distributed. Some people may want to provide payouts to beneficiaries in increments rather than having them receive a windfall, and the terms of a trust can indicate when the distributions should be made. It can even protect assets from going to undesired parties, like a surviving spouse’s new husband or wife.
These are just a few examples of the many ways living trusts can benefit almost anyone. If Massachusetts residents are interested in including trusts when estate planning, they may want to discuss how to best implement those tools into their plans with their legal counsel. Attorneys can detail the many uses of trusts and help determine which type may be most useful.