Massachusetts Trust Forms - Massachusetts Irrevocable Trust Template

We offer thousands of Trust forms. Some of the forms offered are listed by state below. For others, please use our search engine.

Massachusetts Trust FAQ Massachusetts Irrevocable Trust

What is a Trust? A Trust is an entity which owns assets for the benefit of a third person (beneficiary). A Living Trust is an effective way to provide lifetime and after-death property management and estate planning. When you set up a Living Trust, you are the Grantor; anyone you name within the Trust who will benefit from the assets in the Trust is a Beneficiary. In addition to being the Grantor, you can also serve as your own Trustee (Original Trustee). As the Original Trustee, you can transfer legal ownership of your property to the Trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.

What is an Irrevocable Trust? A trust created during the maker's lifetime that does not allow the maker to change it. 

What is a Revocable Trust? A trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.

What is a Living Trust? A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning.  The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor).  The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee.   Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. 


Tips for Preparing Massachusetts Trust Forms

Legal vocabulary is extremely confusing and puzzling. To understand the ins and outs, you need to grab a big dictionary, devote hours reading online, or seek advice from a lawyer. If you are planning Massachusetts Trust Forms, the short meanings listed below will come in handy and help you save time and energy.

  1. A grantor is you or the person who generates Massachusetts Trust Forms. This position can be known as the trustor. To put it briefly, this person determines on what conditions they pass their assets.
  2. A corpus of a document is belongings that a grantor transfers via an irrevocable or revocable trust. Using Massachusetts Trust Forms, you can give real estate property, private property such as a bike, jewelry, boats, stocks and bonds, and things without having a title like a stamp collection.
  3. A trustee is someone that handles the assets. You could be a trustee if you like and maintain your deals in order. However, you will need to add a successor trustee to trust files who can dispose of your estate in case of your incapacity or death.
  4. Based on the terms of the trust arrangement, beneficiaries are individuals who get all of the belongings that the grantor included. Typically, the beneficiaries are the kids or family members of the trustor, but this is not required.

The Difference Between a Revocable Living Trust and Irrevocable Trust

In Massachusetts, there are two main types of trusts that people can use to manage their assets and plan for the future: revocable living trusts and irrevocable trusts. The main difference between these two types of trusts is the level of control you have over your assets. With a revocable living trust, you can make changes and even cancel the trust at any time, giving you a lot of flexibility. On the other hand, an irrevocable trust cannot be changed or revoked once it's set up, which means you are giving up control over your assets. While a revocable living trust can help you avoid probate and make it easier for your loved ones to access your assets after you pass away, an irrevocable trust can provide additional protection of your assets from creditors and potential estate taxes. It's important to carefully consider your goals and consult with an estate planning attorney to determine which type of trust is right for you.


Why Do I Need a Trust?

Trusts can be super helpful in Massachusetts and anywhere else, as they provide a smart way to manage your assets and ensure they go to the right people or organizations when you're no longer around. Trusts also allow you to dispense with your estate smoothly, avoiding lengthy probate processes and potential disputes among your loved ones. Moreover, trusts give you the ability to maintain privacy, as they aren't publicly disclosed like wills after your passing. By setting up a trust in Massachusetts, you can confidently make plans for your assets and safeguard your family's financial future.


Should I set up a revocable living trust?

If you live in Massachusetts, and you're wondering whether it's a good idea to set up a revocable living trust, here's some simple information that may help you make a decision. A revocable living trust is a legal document that allows you to maintain control of your assets while you're alive and capable, but also plan for what will happen to those assets after you pass away. The key benefit of a revocable living trust is that it can help you avoid the lengthy probate process, which is the legal process of distributing your assets after you die. By setting up a trust, you can ensure that your loved ones have easier access to your assets and can avoid potential conflicts or delays that can arise during probate. It also provides privacy as trusts are not public record. However, setting up a trust involves some legal and financial considerations, so it's always wise to consult with an attorney who specializes in estate planning to ensure it's the right choice for you and your specific circumstances.


Living Trust Laws – by State

Living trust laws vary from state to state, including in Massachusetts. A living trust, which is a legal document, allows individuals to transfer their assets to a trust while they are alive. This can ensure that their property is managed and distributed according to their wishes when they pass away. In Massachusetts, living trust laws are governed by the Massachusetts Uniform Probate Code. This code outlines the rules and regulations regarding the creation, modification, and termination of living trusts in the state. It provides guidelines on how trusts should be administered and how assets should be distributed among beneficiaries. Understanding and following the living trust laws in Massachusetts can help individuals ensure their assets are properly managed and their loved ones are taken care of after they are gone.