Trusts

 Trusts come in many different types. Some Common Trusts are:

• Revocable Living Trust
• Testamentary Trust
• Irrevocable Trust

The most popular type of trust for Estate Planning is the Revocable Living Trust.

A revocable living trust prepared by an Attorney, is an instrument used instead of a Will. The Revocable Living Trust can provide the following five advantages over a Will:

1. Avoids Probate
2. Control Distribution Times to Beneficiaries: ex. (1/3 at 24 1/3 at 28 and the balance at 32)
3. Private Instrument: wills are open to the public and can be accessed in either the appropriate District or Probate Court after one's death.
4. Built-in Conservator: If you become incapacitated the persons you have named as successor trustees can come in and manage your trust funds on your behalf. You picked the persons you wanted and there is no need for a conservatorship hearing for the assets properly placed in the trust.
5. Asset Protection: The trust will protect assets of the named beneficiaries after your death and before outright distribution to the beneficiary.