A will and a trust are two different estate planning tools. A will is meant to help you distribute your assets to your loved ones once you pass, but a trust is useful for other purposes. Our Metro West Boston estate planning lawyers explain if you need a trust if you already have already created a will.
The Benefits of Having a Trust & a Will
When a person passes, the court will use a will to help guide their distributions and other decisions through probate. However, a will can be contested, so there is no guarantee that a person's wishes will be followed. All probate assets will have to go through probate court before they're distributed according to the will or at the court's discretion. Probate can be a lengthy and costly process, so many people choose to avoid probate whenever possible.
Having a trust alongside your will can allow your loved ones to bypass probate. A trust is a fiduciary relationship that you create with another party who holds your assets. This person eventually distributes the assets to the people designated under the terms of the trust. For example, if you have a taxable brokerage account worth $2.3 million that you want to leave to your children, you could put the account in a revocable trust so that the account would first go to your spouse and then your kids. You can customize the trust and leave half to each child when they reach a certain age.
Metro West Boston Estate Planning Attorneys
Trusts can be a powerful tool to help you accomplish your estate planning goals. You will need to periodically revision your strategy with an experienced attorney to align your current situation, goals, and new estate planning laws. Our team at Marsden Law P.C. can help you determine if a trust is well worth the benefit for you and your loved ones down the road. If you have more questions about how a trust can be a great addition to your estate plan, our team is here to help.
Contact our Metro West Boston estate planning lawyers today at (800) 828-7854 to schedule a consultation!