Brockton Trusts Lawyer

Brockton Trusts Attorney

Anyone who would like their loved ones to be taken care of when they pass away should take estate planning seriously and consider establishing a trust. It’s important that you put together a plan so your assets are distributed in accordance with your own wishes and not those of the state courts. Building a trust may not be easy, but a skilled Brockton trusts lawyer can help you determine your next steps.

The legal team at Albanese Law, LLC, can provide you with the tools and resources you need to establish a legally binding and fully enforceable trust. This way, you can be afforded peace of mind with the knowledge that your estate will be distributed the right way. A trust can be a unique way to protect certain assets and avoid various tax liabilities or probate court. It can be extremely difficult to put together a trust by yourself, however, which means a lawyer’s help is paramount.

What Is a Trust in Brockton, Massachusetts?

In Massachusetts, a trust is a viable alternative to a last will and testament. Either form could be a useful solution for you, depending on your needs, desires, and necessities. It’s up to you to decide what you need for your own estate plan, but a trust offers key advantages.

A trust allows you to put aside a portion of your estate for a separate and specific use. It prevents anyone but the designated beneficiary from receiving the assets while the trustee guards the funds.

When you establish a trust, you are referred to as the grantor. You have the ability to transfer funds into the trust, which is then protected by a designated guardian, who is referred to as the trustee. It’s their job to manage the trust until the beneficiary you choose is able to benefit from the funds in the trust. In many cases, the beneficiary may not be able to directly access the trust until they reach a certain age. It depends on the details of your specific trust.

According to the most recent data from the U.S. Census, the median household income in Massachusetts as of 2023 is around $101,000, and 62% of household units are occupied by their owners. In Brockton, the median household income hovers around $77,000.

Many of these households may have a substantial estate they wish to leave for their children or grandchildren. It’s important to have a plan in place when the time comes. You may also want to prepare your family with a local grief support group, such as GriefShare.

Understanding the Differences Between Types of Trusts in Massachusetts

Establishing a trust is only one of the many different ways you can prepare your family to inherit part or all of your estate. By using a trust, you can bypass probate, among other benefits. Your Brockton estate planning lawyer can help you choose the best type of trust which suits your needs and make sure your wishes are respected and honored when the time comes. In Massachusetts, there are commonly only two different categories that a trust can fall into, and both may be beneficial:

• Revocable Trust: A revocable trust can be modified at any time by the grantor. You can amend the details of a revocable trust whenever you see fit, such as after a significant life change like a wedding or a death. When the grantor passes away, the revocable trust can no longer be changed, and it evolves into an irrevocable trust. Revocable trusts can offer you flexibility in your wishes, though they may not protect your assets from creditors.
• Irrevocable Trust: An irrevocable trust cannot be modified after its establishment. The grantor cannot update it or terminate it. These trusts are mainly established as a future fund for grandchildren or even great-grandchildren. The most you can do is choose a trustee who can access the funds. This form of trust grants you more security and protection.

Choosing the right revocable or irrevocable trust for life insurance proceeds can be complex—an experienced lawyer can help you make the best choice for your goals.

FAQs

What Type of Lawyer Is Ideal for Trusts?

When you’d like to establish a trust, you should reach out to an experienced estate planning lawyer in Brockton. You may want to look for an attorney who focuses specifically on trusts. The last thing you want is for your estate to be divided by the court because you failed to leave behind a valid will or trust.

How Much Does a Trust Cost in Massachusetts?

The amount you may be charged to have a trust created in Massachusetts varies from lawyer to lawyer. It depends entirely on the details of your case and how much work you intend your lawyer to do for you. When establishing a trust, you will incur many different fees, such as attorney fees, filing fees with the court, and any additional court costs that may arise.

What Is the Difference Between an Estate Lawyer and a Trust Lawyer?

The primary difference between an estate lawyer and a trust lawyer is their area of focus. While both terms have been known to be used interchangeably, there is an important distinction. Estate lawyers are all-encompassing when it comes to estate planning. They provide help with the broader elements of estate planning, including wills and trusts. A trust lawyer focuses solely on the establishment and management of trusts.

How Much Does an Estate Lawyer Cost?

There is no telling how much an estate lawyer may cost. Every estate planning case is different. The amount your lawyer may charge for their services will depend on multiple factors, including the complexity of your case, their own experience, and the resources they will have to devote to your case.

Contact an Experienced Trusts Lawyer From Albanese Law, LLC, Today

It can be overwhelming to establish a trust without legal help. At Albanese Law, LLC, we can help you put together a trust you can rely on to support your beneficiaries when the time comes. Our legal team has vast experience in estate planning. We’re successfully prepared trusts for even the most complex estates, and we’re ready to do the same for you. Contact us to speak to a valued team member about your case.