Legal Question in Wills and Trusts in Massachusetts

Re: will or trust?

If the size of the estate or beneficial interest warrants it, a trust will give you the greatest control of your assets and allow you to appoint a trustee of your choosing and outline the terms under which the assets or property will be held.

A trust also has the benefit of being more private than a will, which must be probated. I should also point out that it is not a question of a trust OR a will, as you really need both. This is an extremely common estate planning tool, and you should speak with an estate planning attorney in your area.

Re: will or trust?

It sounds like you want a trust to hold the property for your grandson, which could be managed by a trustee that you select. You may also need a Will which would direct that the money and bonds be put into the trust upon your death.

Re: will or trust?

You can have a will without a trust but you should not have a trust without a will.

If you want to control how and when the money gets distributed to your grandchild, a trust is the way to go. You can either appoint a family member or friend to oversee the trust for the benefit of your grandchild or if there is enough money in the trust, you can hire a professional trustee.

Re: will or trust?

If you wish not to part with ownership until after your death, you would need a Will perhaps with a testimentary trust for your grandchild.

Otherwise you could establish a trust during your lifetime.

It would be best to discuss this with the attorney you retain to prepare the documents because there are tax consequences involved in either decision. Good Luck!

Re: will or trust?

The simple answer is, purchase government bonds in the name of the grandchild, using their Social Security number. You can hold the bonds during your lifetime, and then the parents or someone else could hold them thereafter until the child turns eighteen. This would be the least expensive option "up front," though perhaps not the best, long term. If you have corporate bonds, or wish to gift a substantial amount, it's a different matter.

Echoing the advice expressed by the others, you really should consider speaking with an experienced estate planning attorney concerning your situation and desires. If you do not have a complicated or substantial estate, the expense should not be significant.

There are other options, including savings plans for education, which may or may not be suitable for your ultimate intentions.

Please feel free to contact my office if you have further questions.