Woburn Revocable Living Trust Attorneys
Helping Clients Protect Their Hard-Earned Assets
When people hear the term “trust,” they think of someone very wealthy or an older adult. However, contrary to popular belief, a living or revocable trust can help most individuals protect their assets from beneficiaries’ creditors and help beneficiaries avoid the time-consuming and lengthy probate process.
If you are considering creating a revocable trust, it is best to consult a highly trained lawyer who can assist you with your legal needs. Our attorneys have extensive experience helping clients protect their assets using estate planning tools that offer the maximum benefits.
Contact Simmons & Schiavo Attorneys At Law at our Woburn, Massachusetts law office to schedule a consultation with a revocable trust attorney who will be glad to determine what legal options suit your needs.
What is a Revocable Trust?
A revocable or living trust is a legal arrangement that allows the grantor who created the trust to manage their assets and avoid probate. Unlike irrevocable trusts, the grantor can add or remove assets as long as they are of sound mind.
One benefit of creating a revocable trust is that it allows the grantor flexibility to maintain control over their assets should they need to use them, their financial situation change, or if they wish to give them to loved ones or family members. The grantor can also amend the terms of the trust or revoke it entirely.
Other benefits that revocable trusts can provide include:
- Maintain privacy: Unlike wills that become public knowledge, the terms of a trust maintain privacy for your beneficiaries.
- Incapacity planning: A trust allows you to set up a plan that will offer asset protection should you become incapacitated.
Unlike irrevocable trusts, living trusts do not offer asset protection to the person creating the trust. Placing assets in a living trust can prevent those assets from being considered marital property when a beneficiary gets divorced after the death of that trust-maker. If you need help deciding what type of trust option is right for your needs, contact our law firm today to schedule an appointment to learn more.
Is a Living Trust the Same as a Living Will?
Many individuals are uncertain about the differences between a living trust and a living will. Although both are essential estate planning tools, they address different issues. In Massachusetts, a living or revocable trust is an estate-planning tool used to manage financial resources during the grantor’s life and distribute them after their death.
A Living Will provides guidelines to a Health Care Proxy for the type of treatment an individual wants and does not want should they become incapacitated and unable to make decisions. Without a Health Care Proxy a family may have to go through the court process to determine who should be allowed to make medical decisions in order to carry out the wishes expressed in a Living Will.
Regardless of your circumstances, it is wise to consult an attorney to help you craft a custom estate plan to guide your needs during your lifetime and after you pass away. By executing a proper estate plan, you protect yourself and spare your loved ones from having to guess regarding asset distribution or medical care.
Can I Be the Trustee for My Revocable Trust?
One of the most significant advantages of creating a revocable trust is that you can act as the trustee. As the trustee, you can manage all trust assets for your benefit.
If you decide to act as the trustee, you should always also name a successor who will manage the trust after your death. The successor trustee can also manage assets for minor children should you pass away. Whoever you choose as a successor for your trust should be someone you consider trustworthy. Individuals who create trusts often choose their spouse, an adult child, or a parent as the successor trustee. You can also designate who will supervise financial transactions for the trust should you become incapacitated.
When you come to our Woburn law firm for help, we can provide guidance on choosing a successor trustee and answer your legal questions. Our overall objective is to help clients have peace of mind knowing their assets and family are protected in the future.
Can a Revocable Trust Protect My Assets if I Have to Go to a Nursing Home?
One disadvantage of revocable trusts is that they do not offer asset protection should you need long-term medical care. Trusts, on the other hand, can protect your assets from creditors or from being seized in estate recovery.
Because you still have access to your assets in a living trust, they are still considered your property. You must create an irrevocable trust to protect your assets before the five-year look-back period. For example, if you apply for MassHealth benefits, the state will evaluate all your assets, including any in a revocable trust.
Proper estate planning can help you plan for the future and ensure that the financial resources you have worked so hard to gain can be passed on to your loved ones and beneficiaries. Simmons & Schiavo Attorneys At Law is committed to helping clients with their estate planning needs by thoroughly assessing their resources and creating innovative legal strategies that protect their best interests.
If you have questions about what protections a revocable trust can provide, it is best to consult with a skilled attorney.
Why Should I Trust Your Law Firm to Help Me With My Estate Planning Needs?
At Simmons & Schiavo, Attorneys At Law, our mission is to help individuals and their families with their estate planning needs. Our dedicated legal team strives to communicate with clients in clear, relatable language and ensure that they feel their voices are heard.
Our highly trained attorneys are dedicated to finding legal solutions that meet your needs and provide the maximum asset protection for your financial situation. Our years of experience creating revocable trusts ensure they comply with federal and state law and withstand potential legal scrutiny.
To learn more about the benefits of a revocable trust and how we can help you safeguard your assets, contact our Woburn, Massachusetts law office at 781-675-1315 to schedule a consultation.