Yes, trusts can avoid probate in Massachusetts. By transferring assets into a trust, you can bypass the probate process, which can be lengthy and costly. Assets held in a trust are not considered part of your personal estate and are not subject to probate upon your death.
The cost of creating a trust in Massachusetts varies, but a basic Revocable Living Trust generally ranges from $1,000 to $3,000. The cost may be higher for more complex trusts or if you require the assistance of an attorney. Online legal services can offer more affordable alternatives for creating trusts. The overall cost of estate planning in Massachusetts typically ranges from $1,000 to $5,000.
A Revocable Living Trust is the most common type of trust and allows you to maintain control over your assets while avoiding probate. Other types of trusts, such as Charitable Trusts or Special Needs Trusts, may be appropriate depending on your specific estate planning goals.
To fund a trust in Massachusetts, transfer ownership of your assets into the trust. This involves re-titling real estate, changing account holders for bank accounts, and transferring ownership of personal property, vehicles, stocks, business interests and bonds.
Adding property to a trust can be a little more complex — Massachusetts has specific rules and regulations about this.
In Massachusetts, any individual who is at least 18 years old and mentally competent can serve as a trustee. Furthermore, Massachusetts law allows for corporations, such as banks or trust companies, to serve as a trustee if they are authorized to exercise trust powers in the state. Trustees must be able to handle and take care of property, and they can't have been found guilty of serious crimes, including felonies or crimes that involve dishonest or immoral behavior.
In Massachusetts, to modify your living trust, you need to create an amendment to the original trust document. This amendment should clearly state the changes you want to implement, such as altering beneficiaries, updating trustees, or revising distribution instructions. Be sure to include the date, your name, the name of the trust, and the date the trust was created. Similar to the original trust document, your amendment should be signed in the presence of a notary public. If the changes you want to make are extensive, it may be more practical to create a restatement of the trust. A restatement allows you to rewrite the entire trust, while keeping the original date and title of the trust, which can be advantageous for avoiding the need to retitle assets. In the restatement, you would include all the changes you want, and the new provisions will entirely replace the old ones.
