Knowing the difference between the two trusts can ensure that you’re choosing the right one to work with. When looking for a way to protect your next of kin, while also ensuring that your assets go to the right hands, this can be an ideal way to do so. It is important that you work with an attorney that specializes in estate planning to ensure that the process is done correctly.
With Notinger Law, you can trust in the estate planning attorneys in Northern Massauchusetts and New Hampshire to provide you with the trusts and wills that you may require. This can ensure that everyone you love is set when you pass.
Trusts are either revocable or irrevocable and each one of them comes with its own set of benefits or downfalls. Depending on what the person is looking for, one or the other might be best suited to their purpose.
Revocable Living Trusts
This is a legal document that can be changed over time by the individual. The person would designate beneficiaries to their assets, tell where these assets go and assign any trustees to their accounts or other specifics. The trust owner can change the trust at any given time. If the owner feels like it is no longer appropriate or necessary, they can revoke it all together.
A trust amendment document is required by the trust owner in order to do so. These are mostly used to avoid any probate hearings and to protect the privacy of the beneficiaries and the owner of the trust. They can also be used to plan for any mental impairment of the owner of the trust. It allows them to name someone that is able to make decisions based on their assets when they’re unable to do so for themselves.
They can provide a lot of flexibility to the owner, but might not be appropriate for all types of estate planning needs. In the event that the owner is sued or someone comes to collect on a debt, these collectors are able to take the assets in order to pay off the debt. They are not protected by law from these people.
Irrevocable Living Trusts
This is the same trust type as above, though the document is unable to be changed while in place by anyone. Once it has been signed, it is a legal binding contract that the owner has made. The beneficiaries and those that the items go to stay the same from the moment the document is signed until the person passes. A revocable living trust turns into an irrevocable trust once the owner of the trust passes away.
These trusts provide protection against any collectors that come to collect on debts. Those that need more asset protection or want to give up control of their assets can have one of these trusts in place. However, they cannot change them later on.
Speak with Notinger Law to find out how they’re able to help you with the trusts you’re considering. They practice within Massachusetts and New Hampshire area and can provide the trust help required.
Contact Notinger Law to schedule a consultation about estate planning in New Hampshire and Massachusetts.