Massachusetts Pot Testamentary Trust
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FAQ
A revocable living trust is especially important if you are remarried and wish to leave money or property to children from a prior marriage. In Massachusetts, even if you have a will leaving everything to your children, your spouse can elect to receive a sizable portion of your estate.
You don't have to name a testamentary trust as a beneficiary in your will because, by definition, it's already a beneficiary. Testamentary trusts differ from inter-vivos or living trusts in that they don't exist until after your death.
A bypass trust can still be useful in some circumstances. If your estate is greater than the current estate tax exemption, a bypass trust is still a good way to protect your assets from the estate tax.
Generally though, assets are placed in an irrevocable trust during the life of the donor so that they are not includible in the taxable estate. The drawback to irrevocable trusts, of course, is that they are not revocable.
A bypass trust allows you and your spouse to take advantage of the federal and Massachusetts estate-tax exemptions, and pass your assets to your children or other beneficiaries without the burden of estate taxes.
A bypass trust, or AB trust, is a legal arrangement that allows married couples to avoid estate tax on certain assets when one spouse passes away. When one spouse dies, the estate's assets are split into two separate trusts.
A testamentary trust (or will trust) is created when an individual dies and the trust is detailed in their last will and testament. Because the establishment of a testamentary trust does not happen until death, it is by nature irrevocable once death occurs.
Living trusts and testamentary trustsA living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantor's will.
A testamentary trust is a trust that is to contain a portion or all of a decedent's assets outlined within a person's last will and testament. A testamentary trust is not established until after the person passes away in which the executor or executrix settles the estate as outlined in the will.
A testamentary trust is a trust that is specified in a person's last will and testament. A will may contain more than one testamentary trust. Testamentary trusts generally are created to ensure the care of young children or loved ones who are unable to care for themselves.
