Plymouth Trusts Lawyer

Plymouth Trusts Attorney

With a rich and historical legacy, Plymouth, Massachusetts, has a long-standing past when it comes to legal systems. One of those legal systems involves estate planning, which, in turn, can involve the establishment of trusts. Creating a trust can provide for your loved one’s financial stability after you are gone, help minimize estate taxes, and ultimately protect your hard-earned assets. When looking to establish a trust, turn to a skilled Plymouth trusts lawyer at Albanese Law, LLC.

Over the years, the team at Albanese Law, LLC, has worked hard to provide customized trust solutions personalized to fit the needs of our clients. Whether you are looking for ways to provide care for your minor children, support a charitable organization, or protect your assets once you are no longer here, a trust offers you peace of mind and flexibility. If you want to create a trust, remove or replace a trustee, or modify a revocable trust, we can help.

Defining a Legal Trust in Plymouth, MA

In simple terms, a trust is a legally binding arrangement that allows the grantor the ability to transfer their funds or assets to a trustee. The trustee can then manage these funds or assets for the trust’s beneficiary. Trusts can be an essential tool in your estate plan and offer several benefits for the protection of your legacy.

When creating a trust in Plymouth, it is important to understand the key components of this legal arrangement, including:

• Grantor: This is the individual who creates the trust and transfers their funds and assets into said trust to benefit the individuals named as beneficiaries.
• Trustee: The grantor then designates an individual or group of individuals to act as the trustees of the trust. These individuals are in charge of managing all the assets, property holdings, or funds held by the trust in accordance with the desires and wishes of the grantor.
• Beneficiary: This is the party who benefits from the funds, property holdings, or assets held within the trust.

In Plymouth, there are typically two kinds of trusts you can establish, depending on your unique needs and those of your loved ones.

Irrevocable Trust

When an irrevocable trust is created, the grantor cannot change or modify it after it has been established. These trusts are primarily used to give children and grandchildren generational wealth. Though these trusts cannot be changed or dissolved once they have been legally established, the grantor does retain a small portion of control by choosing a trustee to manage the trust’s holdings.

While an irrevocable trust might not allow you as much control or flexibility as its counterpart, it typically is more secure when it comes to the overall protection of the assets held within the trust. One of the most important things to keep in mind when creating an irrevocable trust is to ensure you choose trustworthy and capable individuals as your trustees.

Revocable Trust

When a revocable trust is created, the grantor can modify or dissolve it at any time. This ability ends upon the death of the grantor, and then it becomes an irrevocable trust. One of the main benefits of establishing a revocable trust is that this legal arrangement allows the grantor to retain control over all the assets held within the trust.

Life is ever-changing, and when these changes occur, you might find yourself in need of making changes to your trust. This is where a revocable trust can come in handy. For example, if you remarry, you may choose to add your step-children to your trust. Having the flexibility of a revocable trust can come in handy when life throws curveballs your way.

In the United States, approximately 67% of Americans do not have an estate plan. Not having an estate plan is a risky business, as you never know when tragedy might strike. In Plymouth, having a comprehensive plan, including a trust, can protect you and your legacy for generations to come.

FAQs

What Forms of Trusts Are Available in MA?

In addition to revocable and irrevocable trusts, several other forms of trusts may be available to you. These can include special needs trusts to benefit a beneficiary with special needs, a charitable trust, a spendthrift trust, and a land trust. Land trusts can seek to benefit the greater public, as 82% of land trusts in the state provide the public with opportunities to recreate.

Can a Trustee Resign From Their Position?

Yes, in Massachusetts, a trustee may resign by giving at least 30 days’ notice to the settlor and all co-trustees in the case of a revocable trust. In the case of any other type of trust, they must give this notice to the co-trustees along with the beneficiaries of the trust. Additionally, the trustee can only resign with the approval of the court.

How Can an Estate Planning Lawyer Help Me?

An experienced estate planning lawyer can help you in several ways, including in situations when you wish to establish a trust. An attorney can help identify your goals and how to go about achieving them, help you choose the correct trust based on your needs and circumstances, help you select trustees, and assist with drafting the official trust documentation.

What Is a Common Misconception Regarding Trusts in MA?

A common misconception regarding trusts in MA is that trusts are only for the extremely wealthy. This could not be farther from the truth. Trusts can benefit individuals of all income levels and wealth statuses. They can provide asset protection, help your loved ones avoid probate after your death, and ensure that your desires are fulfilled.

Establish a Trust Today With Albanese Law, LLC

Protecting your hard-earned assets is a vital step to make in any comprehensive estate plan. With the help of Albanese Law, LLC, you can secure your family’s financial future and stability by establishing a personalized trust. Whether you are interested in creating a revocable or irrevocable trust, we are here to guide you through every step of the process. Contact our office today and schedule a consultation.