Legal Question in Real Estate Law in Massachusetts
We live in MA,our mortgage is paid in full, and we would like to create a trust for our daughter that would transfer our bank accounts and real estate upon our deaths into her name and protect the assets from a potential spouse. She is an only child. We are hoping to avoid probate and additional taxes for her. We have heard of something called a revocable trust. Thank you.
2 Answers from Attorneys
You are absolutely on the right track.
With a revocable living trust, the idea is that you "give" all of your possessions, assets, and property to the trustee of your living trust. In most cases, you will be the trustee of your own living trust. If done properly, the property will pass easily from one trustee (you) to your next appointment trustee (a trusted friend or framily member) upon your death, thus avoiding probate and the potential for public and costly probate battles.
If you would like to speak with an estate planning professional, please feel free to contact my office and set up an appointment. Our firm estate planning associate is from metrowest and has years of experience creating plans for people just like you. I encourage you to give us a call to set up a no-obligation discussion about your goals.
A revocable trust is by its nature a trust created to avoid probate and can be altered prior to the death of its creator, should you need to do same.
You are absolutely correct in doing this now.
I have created many estate plans like you have described and would be happy to sit down with you and discuss your options without obligation. If my office location is inconvenient, I can arrange to meet you in a more convenient location.
Please contact my office to set-up an appointment.
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