Living Trust Lawyer in Salem, MA
Living trusts are powerful estate planning and management tools. When carefully thought out, a living trust can help you avoid probate, save on estate taxes, and properly distribute your assets upon your death according to your wishes.
At Casey Lundregan Burns, P.C., we can advise you on all aspects of estate planning, including setting up and managing living trusts. Call us at 978-741-3888 today to schedule a consultation with an experienced living trust lawyer in Salem, MA.
What Is a Living Trust?
A revocable living trust — or living trust for short — is a legal document you can use to manage and distribute your assets after you pass away.
You (the “settlor” or “trustor”) set up and transfer ownership of your assets to the trust. You then appoint yourself as both trustee and beneficiary of the trust while you are alive. A successor trustee, also designated by you, will take over the management of the trust and distribute your assets per your instructions in case you pass away or become incapacitated.
These documents are called revocable living trusts because you retain control over both the assets and the trust during your lifetime. You can buy and sell assets, place or take assets out of the trust, and make amendments as you see fit. You may even revoke the trust altogether, which isn’t possible with an irrevocable trust.
What Are the Advantages of a Living Trust?
Living trusts have many advantages over wills and other estate planning tools. The list of benefits of having a living trust includes:
- Distributing assets according to your wishes upon death
- Minimizing state and federal estate taxes
- Avoiding the expenses, delays, and publicity of the probate process
- Transferring assets to your beneficiaries immediately upon your passing or at designated times
- Changing provisions and beneficiaries as you choose
- Funding your favorite charities
- Avoiding any possible will contests or other disputes
However, even if you choose to set up a living trust, you will still need a separate will. Your will should also include a pour-over provision that will “pour” leftover assets into the trust upon your passing.
Is a Living Trust Right for You?
Not everyone needs or would benefit from a living trust. However, every estate plan must include a discussion of the potential advantages of setting up a trust. An experienced living trust lawyer can review your options and advise you on a suitable estate planning strategy for your needs.
Contact an Experienced Living Trust Lawyer in Massachusetts
Estate planning can be complicated, but it does not need to be stressful with the right legal team by your side. At Casey Lundregan Burns, P.C., we have over 90 years of experience advising our clients on all aspects of estate planning.
Whether you are interested in setting up a living trust or wish to explore other estate planning strategies, we can help. Give us a call at 978-741-3888 or contact us online to schedule a consultation with a living trust lawyer from our team.