Trusts are an important facet in the estate plans of many Massachusetts residents. Trusts can be created to meet a variety of unique needs such as tax minimization, probate avoidance or creditor protection.
Many Massachusetts residents mistakenly believe that all they need is a will in order to protect their assets and property when they die. However, even with a valid will, the probate administration process still must take place, which is a long, expensive and public court proceeding.
One of the themes of this blog is that estate planning is not a one-and-done activity. To be sure, for a married couple it may seem straightforward to simply leave everything to each other. After all, that is what a tenancy by the entirety is intended to do for jointly held property. And a will can pass along other property, often via a trust.