Legal Question in Wills and Trusts in Massachusetts
I understood only titled property needs to be listed in Schedule A Living Trust. All other property is covered without specific identification. Is that correct?
Asked on 11/18/15, 9:09 am
1 Answer from Attorneys
No, you need to at least describe the property placed in the trust. e.g. My Collection of Baseball Cards, and if possible a more detailed description unless you are actively trading them.
Bank Accounts and Brokerage Accounts should be put in the name of John Doe, Trustee of the John Doe Trust under a declaration of trust dated ______, as amended from time to time.
This avoids having to put them through Probate.
Answered on 11/18/15, 9:17 am
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