Framingham Trusts Attorney

Discover How a Trust Can Benefit Your Family: (508) 252-8186

A legal trust is a unique, versatile tool that acts as a separate entity. Trusts can help certain assets avoid the probate process, passing those assets to beneficiaries directly. Trusts allow you to create a plan that helps save money and directs exactly how and when the beneficiaries of your trusts will receive the property or assets.

If you are worried about losing your assets to taxes when you pass away, you can create and leave behind a trust for your loved ones. If you want to include stipulations on when beneficiaries can receive assets, a trust can allow you to add these specific requirements. If you have a special needs loved one, the right trust can help you pass assets to them without disqualifying them for needed benefits.

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While very important, planning an estate can be confusing without legal training. Retaining a trusts attorney to guide and assist you is in your best interest to ensure that your needs are covered. At Cali Law, we strive to educate our clients about their options so that they can make informed decisions for their families.

Types of Trusts for Estate Planning

There are several common types of trusts that our firm can help you establish. Trusts generally fall into two categories: irrevocable, and revocable. Each trust type has its own unique benefits for protecting your assets in the long term.

Specific trusts exist to serve your needs, such as retirement trusts. With a retirement trust, you can pass the money in your retirement fund through the trust to your beneficiaries. This type of trust serves to protect your retirement money from creditors. Retirement trusts also help eliminate many legal complications cause by minor children inheriting your IRA.

Including a trust in your estate plan can provide you the peace of mind that your assets are securely protected. Our team can provide the legal advice you need on what type of trust best serves your situation

To learn more about trusts or to request a free consultation, contact us at (508) 252-8186. .

The Benefits of Having a Living Trust

There are several benefits to having a living trust. Living trusts can help you effectively manage your estate, preserve your wealth, and secure assets for future generations. If you die without a living trust or will, the courts will be responsible for distributing your assets.

Living trusts allow you to identify how you would like your estate handled after your death. Through a living trust, you can specify beneficiaries you would like to inherit. This guidance is particularly valuable for your surviving relatives and descendants.

How To Set Up A Personal Trust

Setting up a personal trust in Massachusetts involves several important steps. It is highly recommended to consult with an experienced trusts lawyer to ensure that the trust is properly structured and meets your specific goals.

Here is a general overview of the process of setting up a personal trust in Massachusetts:

• Think About Your Goals: The first step is to identify your objectives for creating a personal trust. Do you want to protect your assets? Are you avoiding probate? Common goals can also include providing for loved ones, minimizing estate taxes, and ensuring the orderly distribution of assets. Knowing what your goals are will help guide the trust planning process.
• Consult with a Trusts Attorney: Schedule a consultation with a knowledgeable lawyer near you who specializes in estate planning. During this consultation, you may discuss your goals, concerns, get your questions answered, and more. Your attorney should evaluate your situation and provide counsel on the best way to structure your trust so that your wishes are kept.
• Design and Drafting: When you proceed with the personal trust, your attorney will work with you to design it. This typically involves deciding on the terms and provisions of the trust, selecting a trustee or trustees, and specifying how the trust assets will be managed and distributed. The trust document will then be drafted, ensuring that it follows Massachusetts trust laws and reflects your intentions.
• Funding the Trust: To activate the personal trust, you will need to transfer your assets into it. Some ways to do this may be through retitling assets, changing ownership, or assigning them to the trust. Your attorney will be able to guide you through this as well.
• Trust Administration: When the trust is established, it must be properly administered. The trust assets should be managed, the terms should be followed, and there are reporting and record-keeping duties as well. Depending on the provisions of the trust, ongoing trust administration may also be required.

Wanting to set up a personal trust? Working with an experienced Framingham trusts lawyer is a great way to ensure that your personal trust is structured effectively. At Cali Law, we specialize in trusts planning in Massachusetts. We offer a free consultation and are available 7 days a week to accommodate your schedule. With our affordable flat rates and commitment to providing personal attention, we strive to make the personal trust planning process convenient and accessible for our clients. With over 20 years of experience in trusts and estate planning, we have the knowledge and expertise to guide you through the process and create a trust that meets your needs.

Our Framingham Trusts Attorneys Are Ready to Help

Whether you're worried about funds being used improperly or you have specific wishes you need in writing, Cali Law is here to help. Let our Framingham estate planning attorney work with you to ensure every complicated factor is properly considered. You can rely on us to identify any goal, asset, and wish that you would like included in your trust.