Living Trust for Husband and Wife with Minor and or Adult Children - Massachusetts 2025

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An adult child may still be a beneficiary of the Trust, yet there is zero risk that the assets will be exposed to any of the beneficiarys creditors. A Trust also provides asset protection for beneficiaries so that your children can be protected from creditors even after your death. The Trust will also avoid probate.
If you go the online, DIY route, you might wind up paying less than $100. However, some web resources can charge up to $400. If an attorney helps you set things up, the attorneys fees will obviously raise your total costs. Theres no one-size-fits-all cost, but they can frequently exceed $1,000.
The downside of revocable living trusts are that assets in the trust are treated as personal assets. It therefore offers no special protection from creditors if you are sued. Upon death, all assets are subject to any state and federal estate taxes.
Everyone needs a trust and will and this is true regardless of age assuming you are an adult. You dont need to wait until you have acquired substantial assets.
Four Reasons You Dont Need a (Revocable) Trust Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.
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Joint trusts are the best trusts for married couples who are very stable and secure in their future plans. This couple will most likely be the joint co-trustees of their assets and enjoy a great deal of flexibility over the trust while they are alive.

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