LIVING TRUST - SUDBURY MA

A Living Trust, also known as a Revocable Living Trust, is a powerful estate planning tool in Massachusetts that allows individuals to manage and protect their assets during their lifetime and seamlessly transfer them to beneficiaries after their passing. By placing assets into the trust, you maintain control while alive, and upon death, the trustee distributes the assets as instructed, bypassing probate—a process that can be both time-consuming and expensive.

Revocable living trusts are especially beneficial for individuals with complex assets, minor children, or beneficiaries who may need guidance in managing an inheritance. They're also advantageous in Massachusetts, where the probate process can be particularly lengthy and costly.

Think of a revocable living trust as a personalized “rulebook" for your assets. It ensures your loved ones avoid unnecessary delays in court while carrying out your wishes exactly as you’ve planned. Whether it’s about protecting your legacy or simplifying things for your family, a revocable living trust gives you peace of mind and control.

Living Trust vs. Probate

A Living Trust is a practical way to safeguard your assets during your lifetime should you become incapacitated while streamlining the process for your loved ones after you pass away. It helps your family avoid the hassle and expense of going through probate court and allows you to decide exactly who will inherit your assets and how they will be managed.

Discover more about Living Trusts and how they work under Massachusetts law to protect your legacy and provide peace of mind.

https://www.mass.gov/info-details/massachusetts-law-about-trusts

Living Trust vs. Will: What’s the Difference?

Making a plan for your belongings is important. A Living Trust and a Will both help make sure your things go to the right people, but they work in different ways. Here’s an easy comparison to help you understand why a Living Trust might be a better choice for many families.

Here’s why a Living Trust might be better than going through probate:

1: Cost

• Living Trust: Making a Living Trust with a lawyer usually costs a few thousand dollars. While that may sound like a lot, it’s much cheaper than what you’d pay in probate fees later.

• Probate (without a Living Trust): Probate is the court process that happens when someone dies without a Living Trust. It can be very expensive. For example, if someone in Sudbury owns a house worth $750,000 and doesn’t have a Living Trust, the lawyer’s probate fees could be $10,000–$20,000! That’s way more than setting up a Living Trust in the first place.

2: Choice

• Living Trust: With a Living Trust, you stay in control. You get to decide:

  • Who gets your things.

  • When they get them.

  For example, you can plan for your granddaughter to get your house when she turns 30, while making sure she’s cared for in the meantime.

• Without a Living Trust (or Will): If you don’t have a Living Trust or Will, the state decides who gets your things. Their rules might not match your wishes.

3: Time

• Living Trust: A Living Trust can be set up quickly, and when you pass away, your belongings go to your loved ones without delay.

• Probate: Probate can take over a year to complete. During that time, your family may have to wait for access to your things, which can make a difficult time even harder.

Revocable vs. Irrevocable Living Trust?

At 20West Legal, this is one of the most asked questions. Revocable vs. Irrevocable trust; Which One Is Right For You?

Let us compare the two types:

• Revocable Living Trust

  • Definition: This type of trust can be modified, amended, or revoked by the grantor during their lifetime.

  • Benefits: Allows the grantor to maintain control over their assets while they’re alive. It also helps avoid probate and provides a plan for managing assets if the grantor becomes incapacitated.

  • Drawbacks: Since the assets are still considered part of the grantor’s estate, they are subject to estate taxes and are not protected from creditors.

• Irrevocable Living Trust

  • Definition: Once established, this trust generally cannot be changed or revoked.

  • Benefits: Because the assets are removed from the grantor's estate, they are not subject to estate taxes or creditors (providing a higher level of asset protection).

  • Drawbacks: The grantor loses control over the assets, and the trust terms are difficult to modify.

In this video, estate planning attorney Erica Endyke explains the Difference between Revocable and Irrevocable trusts.

Living Trusts - Relevant information

• What should you know as a Trustee?

• Creating a living trust in Massachusetts

For expert assistance in drafting a Living Trust in Sudbury, contact us at (978) 440-0014.