Wills & Trusts

When planning for the future, it’s essential to ensure your wishes are clearly outlined. One key part of estate planning is creating a will or trust. Consulting with our Marshfield, MA wills and trusts lawyer can help you set up the right estate plan for your needs. 

Wills and trusts are legal tools designed to manage your assets and provide for your loved ones after you pass away. Each has unique features and benefits that can make a big difference in how your estate is handled. By understanding these options, you can make the best choice for your family’s future.

Quick Summary:

• A will is a legal document that outlines how your assets and belongings will be distributed after you pass away. To create a valid will, you must be of sound mind when creating the will, sign the document, and have it witnessed by two adults who are not beneficiaries. 

• There are several types of wills, including simple, holographic, joint, and pour-over wills. Having a will can provide you with peace of mind, ensure your assets go to the people you care about, protect your children by appointing a guardian for them, and simplify the probate process for your loved ones.

• A trust is a legal arrangement where you transfer your assets to a trustee, who manages and distributes them according to your instructions. You can create revocable trusts that can be changed or irrevocable trusts that cannot.

• Creating a trust has many benefits, including avoiding probate by allowing assets to be distributed directly to beneficiaries, which saves time and money. You can set specific rules for managing and distributing your assets. Unlike a will, a trust keeps your financial details private and out of the public record. If you become incapacitated, a trustee can manage your assets according to your instructions. A trust also ensures your loved ones, including those with special needs, get the support you intend for them.

• The choice between a will and a trust depends on your personal needs and goals. A will is a simpler document that outlines your wishes for your assets but may involve probate and public disclosure. A trust is a more complex arrangement that can help you avoid probate and maintain privacy. You need to consider factors like the complexity of your estate, your desire for privacy, and the need for flexibility when making your decision.

What is a Will?

A will, sometimes called a last will and testament, is a legal document that outlines how you want your assets and other belongings to be handled after you pass away. It allows you to specify who should get your property, such as your home, money, and personal items. 

To make a valid will, you must:

• have the capacity or be of sound mind and understand what you’re doing when you make your will
• sign the document
• have the document signed by two adult witnesses who are not beneficiaries

What are the Types of Wills?

There are several types of wills. Each type serves a different purpose, so choosing the right one depends on your personal situation and goals. Here are some common types:

• Simple Will: This is the most basic type of will. It lets you decide who gets your belongings and who will take care of your children if something happens to you. A simple will works well if you don’t have a lot of assets or complex wishes.

• Holographic Will: A holographic will is a type of will that you write by hand yourself. Unlike a standard will, which might be typed and signed in front of witnesses, a holographic will is entirely handwritten by you. This means you write it out in your own words, and it must include your signature at the end. This type of will can be useful if you need to make quick changes or create a will in an emergency. However, not all states accept holographic wills, so it’s important to check the rules where you live.

• Joint Will: A joint will is a single will that is created and signed by two people, usually a married couple. This type of will outlines how both individuals want their property and belongings to be handled after they both pass away. It often includes instructions on who will receive their assets and any special wishes they may have.

• Pour-Over Will: A pour-over will is a special kind of will that works with a trust. It allows the transfer of any property or assets you didn’t put into your trust while you were alive into that trust after you passed away. This means everything you own ends up in the trust, which then handles it according to the instructions you set.

What are the Benefits of Having a Will?

Planning for the future can seem overwhelming, but having a will is one of the most important steps you can take. Creating a will offers several key benefits that can make things easier for you and your loved ones. Here’s why it’s important to have a will:

• Control Over Your Estate: A will allows you to decide who will receive your assets after you pass away. This means you can choose exactly who gets what, making sure your belongings go to the people or organizations you care about.

• Protection for Your Children: If you have minor children, a will lets you name a guardian to take care of them if something happens to you. This ensures that your children will be looked after by someone you trust, rather than leaving their care to chance.

• Simplifies the Process: A will makes the process of handling your estate easier for your family. It provides clear instructions, which can help speed up the distribution of your assets and reduce confusion or disputes.

• Prevents Family Disputes: By clearly stating your preferences, a will helps avoid disagreements among family members about how your estate should be divided. This can help prevent conflicts and make things smoother for everyone involved.

• Peace of Mind: Knowing that you have a plan in place for your assets and your family can give you peace of mind. It ensures that your instructions will be followed and that your loved ones will be taken care of according to your wishes.

What is a Trust?

A trust is a legal arrangement where you transfer your assets, like money, property, and investments, to a special account managed by someone called a trustee. You create the trust with instructions on how you want these assets to be handled and distributed. A trust can be set up to start immediately or to take effect after you pass away. 

The trustee takes on the responsibility of managing the trust. They follow the instructions you set out in the trust agreement, making decisions about investments and distributions. The trustee must act in the best interest of the beneficiaries and keep accurate records of all transactions.

What are the Types of Trusts?

When it comes to planning how your money and belongings will be handled, trusts can be very helpful. But not all trusts are the same—there are different types, each with its own purpose and benefits. Understanding the different types of trusts can help you decide which one might be right for you. Here are some of the most common types:

• Revocable Trust: This type of trust can be changed or canceled at any time while you’re still alive. It allows you to keep control over your assets and update the trust as your situation changes. When you pass away, the assets in this trust can be distributed according to your instructions without going through probate.

• Irrevocable Trust: Once you set up this type of trust, you cannot change or cancel it. It takes the assets out of your ownership and can offer benefits like reducing estate taxes.

What are the Benefits of Creating a Trust?

Setting up a trust can offer various benefits. It’s a flexible tool that can make handling your assets easier and more efficient. Here’s why setting up a trust can be a good idea:

• Avoiding Probate: One of the biggest advantages of a trust is that it helps your estate avoid probate, which is the legal process of settling your affairs after you pass away. With a trust, your assets can be distributed directly to your beneficiaries without going through this process, saving time and money.

• Managing Your Assets: A trust lets you decide how your assets will be managed and used. You can set rules about when and how your assets should be distributed. This can be especially useful if you want to provide for someone over time or if you want to ensure your assets are used in a specific way.

• Protecting Your Privacy: Unlike a will, which becomes part of the public record, a trust keeps your affairs private. Only the people you choose will know what’s in the trust and how it’s managed. This helps keep your personal and financial details confidential.

• Planning for Incapacity: If you become unable to manage your own affairs due to illness or injury, a trust can help. The person you name as your trustee can step in and handle your assets according to your instructions, so everything continues to be managed smoothly.

• Providing for Loved Ones: A trust can help you make sure that your loved ones are taken care of according to your desires. For example, you can set up a trust to provide for minor children or family members with special needs, ensuring they get the support they need even after you’re gone.

Do I Need a Will or a Trust?

Choosing between a will and a trust is an important decision for managing your estate. A will is a straightforward legal document where you decide how your belongings should be distributed after you pass away. It’s easy to set up and usually costs less. However, a will must go through probate. Additionally, a will becomes a public record, so anyone can see its details.

On the other hand, a trust is a more flexible tool. When you set up a trust, you transfer your assets into it and choose someone to manage them for you. This helps avoid probate, meaning your assets are distributed more quickly and privately. Although setting up a trust can be more complex and expensive, it can provide benefits like privacy and easier management of your estate. 

Deciding between a will and a trust depends on your personal needs and goals. You must consider your situation and what you want to achieve for your family and loved ones.

Why Do I Need a Wills and Trusts Lawyer in Massachusetts?

Wills and trusts are essential legal documents for planning your estate. Navigating the process of creating a will or trust can be complex, and having our Marshfield, MA wills and trusts lawyer can make a big difference. Here are some reasons why you should consider working with a wills and trusts lawyer in Massachusetts:

• Knowledge and Guidance: We have the knowledge and experience to help you navigate the complex legal landscape and make informed decisions about your estate planning.

• Personalized Advice: We can tailor a plan that is unique to your situation, taking into account your assets, family structure, and goals.

• Legal Compliance: We can ensure that your will and trust documents are legally valid and comply with Massachusetts state law.

By working with our Massachusetts wills and trusts attorney, you can ensure that your estate is properly planned and protected, providing you and your loved ones with peace of mind for years to come.

Call our Marshfield, MA Wills and Trusts Lawyer Now!

Wills and trusts are important estate planning tools that can help you plan for your future. Both have their benefits, so think about what works best for you and your family. Consulting with our Marshfield, MA wills and trusts lawyer at Cote Law Group, PLLC can help you make the right choice and set up a plan that meets your needs. 

Our estate planning law firm is dedicated to helping you navigate the complexities of wills and trusts with ease. We can explain the differences between these important documents and guide you through the process of setting them up. Whether you need a straightforward will, a detailed trust, or both, we provide the support you need to ensure your estate planning is handled correctly.

Don’t leave your estate planning to chance. Contact us now to schedule an initial consultation and take the first step toward securing your legacy. Beyond wills and trusts, we can also assist you with probate, business law, and real estate matters.