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How long does a trustee have to notify beneficiaries in Massachusetts?
(b) Within 30 days after acceptance of the trust or the trust becomes irrevocable, whichever is later, the trustee shall inform, in writing, the qualified beneficiaries of the trustees name and address. The information shall be delivered or sent by ordinary first class mail.
What are the disadvantages of putting your house in trust?
Married couples have a very simple technique available to avoid the Massachusetts estate tax. It is possible for married couples to use a tax shelter that is known as a credit shelter trust or a by-pass trust. These tax shelters are typically built into a revocable trust.
What is an assignment to a trust?
General assignment of assets to a trust is a legal process in which an individual transfers ownership of their property to a trust they have established.
How do I put my property in a trust in Massachusetts?
Create the trust document. You can get help from an attorney or use WillMaker Trust (see below). Sign the document in front of a notary public. Change the title of any trust property that has a title documentsuch as your house or carto reflect that you now own the property as trustee of the trust.
What are the disadvantages of putting your house into a trust?
Disadvantages of Putting Your House in a Trust Loss of Direct Ownership. Potential Complexity and Administrative Burden. Potential for Increased Costs. No Asset Protection Benefits. Limited Tax Advantages. No Protection Against Creditors.
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Any Trustee may resign at any time without the approval of any court by giving written notice of resignation to me (if I am living and not then incapacitated),
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