A trust is an estate planning tool that allows you to leave your estate to individuals or organizations you choose. A trust does not go through probate like a will does. That means a trust is not a public document, and it goes into effect as soon you die. A will can take 9 months to 2 years or longer to make its way through the probate process. A trust can be used to defer or even avoid estate taxes. Massachusetts has an estate take that kicks in once the estate reaches $1 million, so that can be helpful to many people, especially those who own real estate, which tends to be expensive in Massachusetts. You can even create a trust for your beloved animal. In that trust, you can name who you want to take care of your animal and include details about that care. Another trust called a Medicaid trust allows you to protect your home from a lien if you need to use Medicaid/MassHealth to pay for nursing home care. I can discuss your various options and help you decide if a trust is right for you, and if so, what kind you should have as part of your estate planning.
Contact me today so I can help you figure out if trusts work for your estate plans.