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Does a spouse automatically inherit everything in Massachusetts?

In Massachusetts, if you are married and you die without a will, what your spouse gets depends on whether or not you have living parents or descendants children, grandchildren, or great grandchildren. If you dont, then your spouse inherits all of your intestate property.

Can husband and wife have the same trust?

Joint Trust: Because all assets are inside one trust, sometimes Joint Trusts can make things simpler. While both spouses are living, each has equal control regarding the management of joint assets held in the Joint Trust.

What is the purpose of a spousal trust?

A Trust (or Marital Trust) Heres how it works: At the time of death, trust-owned assets are transferred to a trust for the benefit of the surviving spouse, essentially allowing estate taxes to be delayed until the second spouses death.

Should my wife and I set up a trust?

Assuming you have no creditor concerns, both spouses want all the assets to go to the surviving spouse, and state death tax will not be an issue, a joint trust may be the way to go, for several reasons: A joint trust is easier to fund and maintain during the couples lifetime.

Can husband and wife trustee?

Yes. A married couple can typically create a joint trust agreement, naming themselves as co-trustees. Under this arrangement, the married couple will own the trust assets during their lifetimes.

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