Trusts are important to have and can be made at any time. Through the use of an attorney that practices in estate planning & trusts, you’re easily able to go through the process to set up a trust for someone that you know. With their help, you can include everything that is required, file the paperwork and make it a binding, legal document that is a part of public record.
Speak with Notinger Law to find out even more information regarding the trusts and estate planning that may be required. It is important to set up something currently with an estate planning attorney in Northern Massachusetts and New Hampshire that is able to provide the help. This way, the future ahead is bright for those that you leave behind.
What is a Trust?
A living trust or trust in the state of Massachusetts or New Hampshire allows you to keep any and all of your assets in a trust during the time that you’re living, but are mandated to a particular person in the case of your death. There is also something known as a revocable living trust that can offer additional benefits for the deceased when they pass but wants to leave items to those that they love.
Is a Trust Required?
There is no requirement for a trust, but it is beneficial. This can help spare family members the expense of having to go through probate court and other proceedings in the event of your death.
Do You Need a Will if You Have a Trust?
This is a common question, as the two are quite similar. However, a will is required as a backup plan, as the trust does not cover all assets. Trusts do not pass on any assets that are not noted in them, while a will is able to do so. This is because specific items are named in a trust, where a will can state that any items left after you pass can go to a particular person.
If there is no will set in place, any property that is not in the trust or another type of legally binding document would go to close relatives determined through the probate process. This is determined in a hearing in a courtroom once you pass.
Speak with Notinger Law to find out additional information regarding trusts & estate planning. They can provide more direction to ensure that you have the coverage that is required in the case of your death. Specific processes, paperwork, and other legal steps need to be taken in order to make it an official, binding document. Speak with the estate planning attorneys in Northern Massachusetts and Nashua New Hampshire to find out how they’re able to provide help.