A revocable family trust is a trust that is set up for the purposes of protecting assets and providing for your family members. Trusts can be used to achieve many asset protection and estate planning goals and can be a powerful legal tool for those who want to protect their loved ones and legacy. However, there are a number of different kinds of trusts that you can choose to create and you need to select the right option to accomplish your specific aims. The Law Offices of James A. Miller can help.
The Law Offices of James A. Miller can provide you with information on what a revocable family trust is, how it works, how you create one, and what the trust can do for you. We can also guide you through the trust creation process to make sure that creating a trust is done properly so your trust actually provides all of the different legal protections that you were hoping to achieve. Give us a call today to find out more.
What is a Revocable Family Trust?
A revocable family trust is simply a living trust that you set up for purposes of providing benefits and protection for your assets and for your family members. Revocable trusts are set up during your lifetime. They are an alternative to an irrevocable trust, which cannot be altered or changed. Revocable trusts can be modified to fit your needs as your life evolves, and can be used to secure different kinds of protections for your loved ones.
There are actually many different kinds of trusts that could be created, including several options for trusts aimed at protecting your family. CNN Money provides a summary of different trust types that can be utilized as a part of your estate planning process. Options for revocable family trusts can include credit shelter trusts and generation skipping or dynasty trusts.
A Massachusetts trusts lawyer can assist you in evaluating the risks that could affect your financial security and in learning how to select an appropriate trust type that will provide the desired protections for your family. Trust creation, when done right, should allow you to leave your desired legacy.
How can a Revocable Family Trust Help You?
A revocable trust can provide you and your family with many important protections. For example, revocable trusts can make it possible for assets to be transferred to your loved ones without those assets having to be transferred through the probate process.
If you are currently supporting any of your family members, the fast transfer of your assets could be very important in order to make certain that your dependents get their inheritance quickly so they have money and property they need to live comfortably. The probate process could take months, but the assets put into the revocable family trust could be transferred much faster.
The fast transfer of family assets is also important for things like a family business. You want the new owners of the family company to inherit as soon as possible, as a period of uncertainty could hurt the operations of the company. A revocable family trust can allow for the business to move swiftly to the next generation.
A swift transfer of control of assets is also important in cases of incapacity, and revocable family trusts can be a vital part of your incapacity plan. When you make a revocable family trust, you name a backup trustee. This person can take control over the management of the assets held within the trust as soon as you become incapacitated. This means there is no delay or long process of going to court for guardianship proceedings before someone can take over management of your assets in case of incapacity.
Getting Help from A Massachusetts Trust Lawyer
The Law Offices of James A. Miller can provide you with invaluable assistance with the identification of an appropriate type of trust that you should use to accomplish your estate planning goals. We can also assist you with identifying all of the legal tools that you need to incorporate into your estate plan in order to protect your financial security and provide for the people you love.
To learn more about trusts and the role that a revocable family trust can play in your legacy planning process, you can download a free estate planning worksheet. You can also give us a call at 508-799-8885 or contact us online to speak with an experienced attorney who understands the Massachusetts rules for estate planning and who can assist you in making the law work for you.