Legal Question in Real Estate Law in Massachusetts
living trust
what is it and how does it work
2 Answers from Attorneys
Re: living trust
If you are interested in using a trust as part of your comprehensive estate plan, don't hesitate to contact me.
It is entirely worth spending some money now to ensure that your estate plan is set up properly, because a minor error can cost your family or estate tens of thousands later.
Re: living trust
I think what you are referring to is a revocable living trust or more commonly called today a revocable trust.
Basically is a Trust created to hold assets until the Settlor (person who created the Trust dies). Upon the Death of the Settlor, the trust will then use the assets in the trust in accordance with the Decedent/Settlor's directions. It is used to avoid probate and other administrative issues and costs.