Massachusetts attorneys, Bernard J. Hamill, Quincy

Massachusetts Living Trust Attorneys

A Massachusetts Living trust is an arrangement where assets are given to a trustee to hold and manage for your benefit or the benefit of your designated beneficiaries.

The benefits - a Massachusetts living trust can be used to:
to manage assets in order to produce income for a beneficiary, conserve assets or provide for growth of the assets;
to reduce estate taxes (AB Trust);
to control use or disposition of assets long after you are deceased;
to provide for spouse and issue;
to provide for children during minority or if disabled; and
to protect beneficiaries (other than yourself) from creditors.

Who should have a Living Trust? In addition to the benefits described above, People who
own second real estate in another State a living trust eliminates the need for an out-of-State probate);
want anonymity and privacy in their estate plan (no one will see who your beneficiaries are);
to completely avoid the large expense and delay of Probate Court;(you are really pre-probating your estate so transfers are immediate)

A living trust is created while you are alive but it can be funded while you are living or after your death. If funded before you die, the assets in the trust will not pass through probate and to that extent will avoid the probate process. You can also be a beneficiary of this type of trust.

There are three fundamental considerations in setting up a valid living or revocable trust in Massachusetts. Each is an important element:

First, your trust must be drafted properly, by an Attorney - that is it should fit your particular situation rather than be a 'boilerplate' generic form that misses the mark and does not fit your estate objectives. That is why the FTC (The Federal Trade Commission) warns that you "Explore all your options with an experienced and licensed estate planning attorney". The FTC warns against the following consumer rip offs: "Some unscrupulous businesses are advertising seminars on living trusts or sending postcards inviting consumers to call for in-home appointments to learn whether a living trust is right for them. Other businesses are advertising living trust "kits": consumers send money for these do-it-yourself products, but receive nothing in return. Still other businesses are using estate planning services to gain access to consumers' financial information and to sell them other financial products, such as insurance annuities."

Second, your living trust should be properly executed. The Grantor and/or Trustee should sign in front of a Notary.

Third, your living trust must be properly funded. That is the assets must be placed into the trust at some point in time or the trust is useless. Deeds to transfer property may have to be prepared and filed with the registry of Deeds in your county.

Call us for help setting up your Living Trust, or use our simple questionnaire to begin your living trust.

Law Office of Bernard J. Hamill

36 Miller Stile Rd., Quincy, MA 02169
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