Legal Question in Real Estate Law in Massachusetts
Will or Trust?
I would like to leave my house to my two children when I die. I'm unsure if it would be best to use a Trust or a Will to accomplish this desire. I understand that using a Trust can avoid the probate process, but what are the other benefits of a Trust? In all, is a Trust better for me in this situation than a will? What type of Trust is best?
3 Answers from Attorneys
Re: Will or Trust?
A trust makes it easier for your beneficiaries to handle matters than a Will. Apart from avoiding probate fees, the process is easier on the beneficiaries if they want to sell your home.
However, in making a decision on how to handle your affairs in the event of your death, there is more to consider than simply your home. Depending upon your age, you may want to do some estate planning with respect to what is now called Elder Care Planning assuming you are retired and are a mature person, even if you are in good health. I have assumed your children are adults and have no special needs. There are a variety of questions to be considered whether you leave your home to your kids by will or trust.
I would suggest you contact an attorney and discuss the matter. Please feel free to contact me without obligation if you have any questions.
Re: Will or Trust?
Our trust and probate department would advise you to consider HOW you wish to pass the asset to your children and to review your own personal financial situation.
The question of whether to place assets into a trust during your lifetime or whetehr to have them pass under your will can only be answered by evaluating your particular finacial situation. Living trusts create certain tax obligations and consequences that do not occur with a will, and generally cost more in legal fees. That said, trusts do have certain advantages for sheilding assets from creditors.
We recommend that you speak with an attorney regarding your individual situation and goals.
Re: Will or Trust?
You should consult an attorney to discuss whether your particular financial situation would be better served by conveying your home now by a trust which has certain tax consequences vs. after your death in your Will.