The Law Offices of Todd D. Beauregard, P.C. handles all types of estate planning laws in Lowell Massachusetts and Nashua New Hampshire. Attorney Beauregard can help you understand the differences related a living trust and trust laws in Massachusetts and NH and will guide through the process of forming a living trust, will or estate plan. There are many different types of trusts for you to consider (Revocable or Irrevocable ) for example as part of your estate plan. By applying your unique facts to your situation, we help you in evaluate your options and help you make informed decisions. This process requires trained professionals, skilled to work within the probate law so the client can decide how their desired result can best be achieved. Todd D. Beauregard works with clients in both Massachusetts and NH.
What is a Trust Agreement?
A legally recognized trust agreement is a document that spells out the rules you want followed for property held in a trust for your beneficiaries. Common objectives for trusts are to reduce estate tax liability, to protect your property in your estate, and to avoid the costs and time consumption of having to probate the transfer of assets.
What are the differences between a testamentary trust and a living trust?
A testamentary trust is one that is not actually effective until after you die. It can be established under your Last Will and Testament, Revocable Living Trust, or Irrevocable Life Insurance Trust. Moreover, all testamentary trusts are irrevocable which means once made, you may not change it. Since a testamentary trust is effective after your death, there is no rational way to change it or to cancel (revoke) it.
A living trust is one that is created, and funded, during one’s lifetime. These are an also known as inter vivos trust, which in Latin means a trust between the living. Living trusts can be revocable (you can terminate it) or irrevocable (once made it cannot be changed or terminated). Whether a living trust is revocable or irrevocable depends on how the trust document is drafted and what its overall purpose is. The assets (corpus) which sit in a living trust are comprised of those assets that are actually transferred into it.
What is a “pour-over”?
Used in conjunction with a living trust, a pour-over clause in a will instructs that assets from one’s estate be to be transferred into the trust upon one’s death. That is, assets in one’s estate, which have not previously been transferred into a living trust, can then be transferred into that living trust upon one’s death. The transfer (pour over) into the trust is triggered by the event of one’s death. It is considered to be a safety net for anything (purposely or inadvertently) that is not covered by the living trust.
How do I get started?
At the Law Offices of Todd D. Beauregard, we provide our clients with an estate planning informational packet to help you make informed decisions.
To Schedule a Free Consultation. Contact the Law Offices of Todd D. Beauregard, P.C. at (978) 275-1919.
We’d love to give your case the individualized attention it deserves.