Patriot Info Blog America What Is a Living Trust in Massachusetts

What Is a Living Trust in Massachusetts

What Is a Living Trust in Massachusetts?

A living trust, also known as a revocable trust or inter vivos trust, is a legal document that allows individuals to transfer their assets into a trust during their lifetime. In Massachusetts, a living trust provides several advantages, including the avoidance of probate, the ability to manage assets during incapacity, and the privacy of asset distribution.

Unlike a will, which goes through the probate process after an individual’s death, a living trust allows assets to be distributed to beneficiaries without court involvement. This can save time and money, as probate can be a lengthy and costly process. By establishing a living trust, individuals can ensure that their assets are distributed according to their wishes in a more efficient manner.

Additionally, a living trust provides flexibility in managing assets. The person creating the trust, known as the grantor, can act as the trustee and maintain control over the assets during their lifetime. This allows the grantor to buy, sell, or manage assets as they see fit. In the event of incapacity, a successor trustee can step in and handle the management of the trust assets, ensuring that the grantor’s wishes are still carried out.

Privacy is another significant advantage of a living trust. Unlike a will, which becomes a public record after probate, a living trust remains private. This means that the details of the trust, including its assets and beneficiaries, are not available to the public. This can be particularly beneficial for individuals who value their privacy or wish to keep their financial affairs confidential.


Q: Who can create a living trust in Massachusetts?
A: Any individual who is of legal age and has the mental capacity to understand the nature and consequences of creating a trust can establish a living trust in Massachusetts.

See also  How to Drive in Canada With Us License

Q: What assets can be included in a living trust?
A: Almost any type of asset can be included in a living trust, including real estate, bank accounts, investment accounts, and personal property. However, certain assets, such as retirement accounts and life insurance policies, may have specific rules and restrictions.

Q: Can a living trust be changed or revoked?
A: Yes, one of the primary benefits of a living trust is that it can be altered or revoked by the grantor at any time. This flexibility allows individuals to adapt their estate plan as their circumstances change.

Q: Do I still need a will if I have a living trust?
A: While a living trust can serve as the primary estate planning document, it is still advisable to have a pour-over will. A pour-over will ensures that any assets not included in the trust at the time of the grantor’s death are transferred to the trust and distributed according to its terms.

Q: How much does it cost to establish a living trust in Massachusetts?
A: The cost of creating a living trust can vary depending on several factors, including the complexity of the trust and the attorney’s fees. It is recommended to consult with an experienced estate planning attorney to understand the specific costs involved.

In conclusion, a living trust in Massachusetts provides numerous benefits, including the avoidance of probate, asset management during incapacity, and privacy. By establishing a living trust, individuals can ensure that their assets are distributed according to their wishes, while also maintaining control and flexibility during their lifetime. It is advisable to consult with an estate planning attorney to determine if a living trust is the right option for your specific circumstances.

See also  How to Write Your Own Will in Louisiana

Related Post