60s elderly spouses at lawyer office sign marriage contract

Will vs. Trust: What’s the Difference?

Wills and trusts are both important documents for doing your Massachusetts estate plan. They serve different purposes but they can work together to create a comprehensive estate plan. These are the main differences between a living trust and a last will and testament: Whether probate is involved What assets and legal affairs are affected When the instrument…

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What to Do if You’re a Trustee

So, you’re a trustee of a Massachusetts trust. On one hand, the good news is the person who created the trust respects you and finds you to be a trustworthy person. On the other hand, you have a mighty responsibility to manage that trust. But don’t worry, because with the right information and guidance from…

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The Flexibility of Living Trusts

What is a Trust? A living trust is a legal document that can hold legal title to your assets. Think of it like a box where you can hold your assets for your benefit during your lifetime, and thereafter for the benefit of another person (beneficiary). You can manage the trust yourself or choose someone…

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How to Be a Good Trustee

When someone creates a trust, they must designate a trustee. The trustee is responsible for managing the trust either when the trust is formed or in the future, depending on the type of trust. Many people naturally consider giving a family member or close friend this responsibility. The first thing you have to do to…

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What is an AB Trust?

A trust is a legal document that can take legal title to your assets, like investments, bank accounts, real estate, vehicles, and valuable personal property. An AB trust, also called a credit shelter trust, is designed to minimize estate taxes for married couples by splitting into two trusts upon the first spouse’s death. The Massachusetts…

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What is the Difference Between a Trust vs. a Will?

Wills and trusts are both useful estate planning tools that serve different purposes, and they can work together to create a comprehensive estate plan. The main differences between a trust and a will relate to these issues: (1) whether probate is involved, (2) what assets and legal affairs are affected, and (3) when does the…

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Revocable vs. Irrevocable Trusts

Both revocable and irrevocable trusts protect the assets that you’ve placed in the trust from going through probate. So, both types of trusts will avoid costly court and attorney’s fees, plus the long period of time that assets are tied up in court and inaccessible to those you’ve left them to. However, it’s important to…

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