Wills and Trusts are commonly understood to be important for estate planning. They are not interchangeable documents and clients may benefit from having both. Trusts and wills do not replace one another and have separate purposes.

Trusts are a far more sophisticated planning tool than Wills. Our clients often have at least one Trust in place. Sometimes clients will use multiple trusts to accomplish different goals. Trusts are not just for the wealthy, as everyone can find benefits from the right kind of Trust.

It is important to understand that not all Trusts are the same. There are many types of Trusts, each with its own set of advantages. Clients can often realize tax advantages, legal protections and special planning goals by using Trusts. Because of the complexity of Trusts, it is best to connect with an attorney who focuses their law practice on estate planning.

Unlike Wills, assets that have been transferred to a properly drafted Trust may avoid the expense and delays of probate

Creating and funding a Trust allows for easy management and transfer of assets upon death or disability. It may be unwise to leave an entire inheritance to a loved one if that person is a minor, incapacitated, or financially imprudent. Likewise, many clients want to protect their inherited wealth from the potential for divorce, lawsuits, and the possibility of becoming incapacitated in the future.

Estate Planning Boston can review the options with you. In summary, your estate plan may have some, or all, of the following goals:

Reduce or eliminate Massachusetts Estate tax;

Avoid probate court involvement;

Protect assets from incapacity;

Provide for a spouse and children;

Provide for and protect minor or disabled children;

Blended family situations;

Control use or disposition of assets after you have died; and

Protect beneficiaries from creditors, lawsuits, or divorce.

The first step is to determine who will receive your property, a spouse, children, or other family members, and when. You may choose to have your property held in Trust until the recipient reaches a specified age. Or you may wish to give property to a charity or other organization. There are many possibilities, and you’ll have more peace of mind if you make choices in advance instead of leaving it to a court to decide.

Estate Planning Boston - part of Gold Law Firm, LLC. can give you peace of mind.