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Lot has been discussed about the living trust or the living will process in Massachusetts. Still the question remains unanswered – what is the basic difference between living will and trust in Massachusetts. Well, it is not possible to answer this in one simple line. So let’s understand what are a living will and a living trust. Living Will in Massachusetts:
The living will is basically a written document which needs to be signed and witnessed in order to be considered as valid. One of the major functions of the living will in Massachusetts will is that it would indicate how your property would be disposed off at the time of your death. Yes, the legally limned living will is revocable and it can be amended at any time during your life. In fact a will which contains a trust can provide you with after death property management solution and can be utilized for estate planning and asset protection purposes. The living will does not provide the same pre-death management as a living trust. So, the next big question is - what is Living Trust in Massachusetts?
The Living Trust is able to carry out tax related estate planning and will also provide you with the ultimate living and after death property management solution. Living trusts are also used to manage property well. If an individual is disabled or ill, the trust successor manages the trust property and this means that the expense, inconvenience and publicity of court supervised estate protection can be avoided. A legally written and appropriately funded living trust in Massachusetts thus can allow you to avoid probate on your assets, control what happens to your property when you are gone. Precisely for Asset Protection in Massachusetts and better estate planning living trust and living will are of utmost importance. The living trust in Massachusetts also needs to be properly funded. As a matter of fact, the living trust only controls assets which have been appropriated into it and if in case your assets is not being transferred before death, the un-appropriated assets would be subject to probate leading to possibly significant estate tax liability.
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Will - Simple in Massachusetts, Will - Complex in Massachusetts, Wealth Strategies in Massachusetts, Trust Litigation in Massachusetts, Trust in Massa,
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