An irrevocable trust is a powerful tool in estate planning that you can use to accomplish important goals. However, there are also some downsides to the creation of an irrevocable trust that must be considered. You need to know exactly how this type of trust works so you can decide if it makes sense for an irrevocable trust to be a part of your estate plan or so you can select another type of trust such as an revocable trust that betters suits your needs.
An estate planning lawyer in Massachusetts can provide you with invaluable help with creating a trust. Your attorney can offer you advice on whether trust creation is right for you, and can guide you through the process of creating a trust that is enforceable under Massachusetts law. One of the key ways your attorney will assist you is in helping you to understand whether an irrevocable trust is a good choice and in working with you to make sure an irrevocable trust you create is going to provide the protections you expect.
To find out more about irrevocable trusts and to get started on using trusts in your estate planning, contact The Law Offices of James A. Miller today to speak with an experienced member of our legal team. A Massachusetts trusts lawyer at our firm can answer all of your questions, help you to decide if an irrevocable trust is right for you, and assist you with creating a trust.
Key Features of an Irrevocable Trust
An Irrevocable trust is a trust that is designed not to be modified in any way. The fact that you cannot alter the trust is the most important feature of it. Once you have created the trust, the terms as outlined in the trust document will apply. If it later turns out that you want to change the nature of the trust or that you hope to access the money or the assets which you have placed within the trust, you will not be able to do so. There may be some limited situations in which a beneficiary can be altered, but even this is not necessarily going to be possible depending upon the circumstances.
When properly created and when you give up sufficient control over the assets which are held within an irrevocable trust, these trusts can be very powerful legal tools. The assets kept within the trust may no count as your assets for purposes of making a determination if you can receive Medicaid coverage or other means-tested benefits. The ability to protect the assets that are held within an irrevocable trust makes this type of tool very popular in incapacity planning and estate planning because the assets can be largely protected from loss.
These are just a few of the key features of an irrevocable. An experienced Massachusetts trusts lawyer can help you to understand exactly what is involved in trust creation and what features you will benefit from when you create an irrevocable trust.
Why You Should Get Help from a Trust Lawyer In Creating An Irrevocable Trust
Understanding the key features of an irrevocable trust is just the first step in deciding if this type of trust is the right estate planning or asset protection tool for you to use. The laws are very strict on how irrevocable trusts must be created and on what must be a part of the trust document in order for you to get the expected protections. If you make a mistake and it is not discovered until too late, you could end up losing out on all of the different protects that creating a trust was supposed to provide to you.
Working with an attorney allows you to discover what type of trust truly makes the most sense for your situation and gives you the opportunity to ensure that your trust follows all formalities required under Massachusetts law for trust creation.
Getting Help from A Trust Lawyer In Massachusetts
The Law Offices of James A. Miller can provide you with invaluable assistance with the creation of an irrevocable trust. We can explain the key features of this type of trust, help you to compare it with other kinds of trusts like an revocable trust, and assist you in making the most effective use of trusts possible for asset protection and estate planning. To find out more about the ways in which an experienced attorney can help you with all of your trust creation needs give us a call at 866-370-3888 or contact us online to speak with a member of our legal team.
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