What is the purpose of a living trust?
A living trust is a legal document that can be used to protect and manage your assets during your lifetime, and to provide for the disposition of those assets upon your death. It allows the assets to be transferred without the need for probate, which is the court-supervised process of distributing assets at death. In Massachusetts, the purpose of a living trust is to avoid the cost and time of probate, while also providing a greater degree of privacy than is available with a will. A living trust is typically revocable, meaning you can change it or revoke it during your lifetime. The trust also includes instructions for the trustee on how to manage and distribute your assets after your death. If you choose to create a living trust, you will still need a will to deal with any assets that are not owned by the trust. Living trusts are beneficial for those who want to provide for the pricing of their assets after death while avoiding the costs and time of probate. They also provide more privacy than having assets distributed through a will, since the assets of a trust are distributed outside of court supervision. Finally, a living trust allows for greater control over the disposition of assets after you pass away, since the trustee can follow the instructions that you have set out in the trust.
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