A Worcester living trust attorney helps you to make sure that the people you love are protected. You may have many family members who rely on you to provide financial support. If you do, you want to ensure that you have taken steps to make sure that your loved ones are provided for in the event that something should happen to you. The creation of a living trust makes it easier for you to ensure that your wealth can continue to provide for your family, even if you pass away.
The Law Offices of James A. Miller, P.C. understands the rules for living trust creation and we know how to help ensure that you create a legally valid trust that provides the desired protections for your family. Our legal team will work with you to determine if you need a living trust and if this type of trust is the best tool you can use to accomplish your goals of protecting your loved ones.
We can also discuss other types of trusts, such as irrevocable trusts, which can provide different kinds of protection including helping to keep your wealth secure if you need to qualify for Medicaid to pay for a nursing home. Give us a call today so we can start putting the right kinds of plans in place to protect your family, including the creation of a living trust if appropriate for your specific situation.
How a Worcester Living Trust Lawyer Helps You Protect Your Loved Ones
A living trust provides you with the ability to transfer your assets to your loved ones very quickly if you pass away. When you pass on, typically your assets have to transfer through the probate process. The probate process is a time consuming process that can take many months. An executor of an estate of your choosing is in charge of managing assets during the probate process, so those who stand to inherit do not immediately obtain the wealth that you have left for them.
If you have a spouse or if you have any other family members who count on your income to pay the mortgage or to pay other necessary bills, your death could cause substantial financial hardship. While you may have a lot of money and a lot of property that you want to leave for your loved ones and you may think that this property and money will provide for them when your income is gone, the lengthy delay could mean your loved ones are without the financial resources they need for a long time. By facilitating the timely transfer of trust assets through the trust administration process and avoiding the probate process, you allow your loved ones to quickly inherit the money they need so your death does not mean lost quality of life.
Getting Help from A Worcester Living Trust Lawyer
While a living trust will allow assets to transfer outside of the probate process so your heirs or beneficiaries can inherit more quickly and continue to maintain their quality of life even if you pass away, there are limits to what a living trust will do. A living trust will, for example, not provide protection from creditors or prevent assets from counting for purposes of determining if Medicaid will pay for your nursing home or if you must pay out-of-pocket. A living trust will also not keep your wealth safe from estate tax if your estate is large enough to be subject to such taxes.
You need to make sure that a living trust is the best asset protection tool to use and that a living trust is the best way for you to protect your loved ones before you decide that creating a revocable living trust is the best choice for your particular situation. The Law Offices of James A. Miller, P.C. will assist you in assessing all of the options that are available to you, making the right choice on which trust is best for you, and creating a legally valid trust that provides you with the expected protections.
To find out more about how a living trust can work to help you and about the ways in which our firm can assist with creating a trust, join us for a free seminar . You can also give us a call at 866-370-3888 or contact us online to get personalized one-on-one advice on protecting your heirs. Give us a call now to put your plans in place to keep your loved ones safe and secure.
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