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So, what’s the big buzz about living trust in Massachusetts anyway? Let’s drive to the point straight without much hanky panky. The commonwealth of MA living trust is typically an estate planning tool which has been strategically designed to avoid probate while providing long-term property management. For the uninitiated – the term "revocable" means , you may revoke or terminate the living will in Massachusetts at any time. Yes, the "living" document is a document which you may continually edit and update. The living trust usually involves three "persons" in its creation and administration: (1) A settler or grantor who creates the trust (2) A trustee who administers and manages the trust and its assets (3) A beneficiary who receives the benefit of the administered property in the trust. Executing the declaration of trust form establishes your living trust and sets forth its terms and conditions. For complete asset protection in Massachusetts you can transfer assets to your living trust (with you as trustee), you then administer the assets for your own benefit and the beneficiaries. As a matter of fact - beneficiaries get no distributions during your lifetime. As a matter of fact – the trustee of a trust makes all of the decisions for the trust and helps in maintaining sheer control over all property placed in the trust. To be honest – the overall control over living trust assets is accomplished by appointing yourself the "trustee". You also need to appoint a successor trustee, who, upon your demise, will distribute the property in your living trust as specified, without probate. What’s the role of a successor trustee? To carry out the duties of the trustee when a predetermined event such as incapacity, disability or death occurs. In the event of incapacity or disability, other documents such as a living will, planning for Incapacity in Massachusetts will be needed. Now the most important part – it’s the right time to review a comprehensive living trust or the living will kit. Your Living Will in Massachusetts should contain assets for the benefit of one or more beneficiaries. Placing property in the trust is called "funding the trust" and most of the valuable assets need to be transferred into your living trust however you may fund the trust with as much or as little as you wish. Do you need a living trust in Massachusetts? The main advantage of making a living trust in Massachusetts is to spare your family the expense and delay of probate court proceedings after your death. How do you make a living trust in Massachusetts? You need to create the trust document, which says who will inherit trust property and names you as trustee -- the person in charge. You need to sign the document in front of a notary public. Then you have to transfer your property, such as your house and car, to your name as trustee of the trust. Yes it’s that simple!
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