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What did your lawyer answer when asked whether you need both a revocable trust and a Power of attorney in Massachusetts? I am sure the answer is always a YES. Let us discuss in detail and understand why the answer is always yes. What is a revocable Trust in Massachusetts? To avoid the costs and delays associated with probate, you may opt to put your assets into a revocable living trust. Usually, you name themselves as ‘trustee’, and name the family member or friend as a co-trustee and once the trust is created, you can actually transfer title to all your assets to the trust. For example, the deed to the home would go from “John Brown” to “John Brown”, as Trustee for the John Brown Living Trust.” What is a Durable Power of Attorney? Well, the durable Power of Attorney in Massachusetts (POA) is actually document by which you appoint a family member for carrying on the normal financial affairs in the event you become incapacitated. Let’s take an example - if you were in an accident and were in a coma, the person you designate in your Planning for Incapacity in Massachusetts could pay your bills while you were unable to do so. Yes, the POA is terminated with your death. Why do you need Probate Administration in Massachusetts(POA) Well, when create actually create the living trust; you might intend to put all your assets into the trust. Often you forget transferring title, especially while acquiring the new property over time. Finally, when you become incapacitated few of your properties might not be in the living trust and this means your co-trustee has no control over those non-trust assets, and cannot use them to pay your bills, etc. So when you finally sit down with the lawyers for planning for Incapacity in Massachusetts. You need to consider both the revocable living trust and a Power of Attorney in Massachusetts POA and now with these documents in place, you can avoid the hassle of your family or friends to go through the daunting process of going through the court.
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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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