Most people think of passing their assets after death by using a will. However, your will can only “speak” and pass your assets after you are gone, and must be processed in the probate court, which is time consuming, costly, public and involves lawyers and legal fees as well as court fees.
While I recommend that everyone does have a will, in case you have assets that are not covered by a trust or other manner of passing title, I try to help you to create and use a trust or trusts to arrange your assets and estate instead of relying on a will.
A Trust can not only pass your assets to your intended heirs, but can administer your assets during your life in a flexible manner and thereafter avoid the time consuming, stressful, expensive and wasteful procedures of the Probate Court.
Trusts do not have to be complicated. They are simply “entities” that hold and administer assets in the manner directed by the founder, namely you.
They do this according to directions and authorizations which you provide in the Trust document, and through the Trustees that you appoint to follow those instructions. You and your spouse or anyone else you want can be the Trustees.
Most trusts can be changed and amended, and in fact, it is easier to amend a trust than it is a will. Trusts can administer the assets during your life for your benefit as well as others in your family (or otherwise) and thereafter administer the assets and/or distribute them to your heirs or other beneficiaries, including charities or other organizations, on whatever conditions or milestones you establish in the Trust document.
Trusts are private and can be used to protect assets from some of your creditors and those of the beneficiaries and to prevent beneficiaries from spending their money frivolously.
Also, if you own property in another state, I can help you to establish a separate Trust to own that property and thus avoid costly probate administration in that state which would otherwise be required if you pass all your assets via your will.
Call 617-721-5469 today to schedule a consultation with Attorney Wilcon.