2011 February 18 by Andrew Savard
Four Reasons Why You Should Incorporate a Trust Into Your Massachusetts Estate Plan:
1. Assets Held In Trust Do Not Require Probate Court Administration. Probate Court administration is the process by which a decedent’s assets are re-titled and passed to his or her rightful heirs. A Last Will and Testament does not avoid Probate Court Administration, it only indicates your wishes to the Court.
2. Massachusetts Probate Administration is Expensive. Your estate could pay several thousand dollars in court filing fees, attorney fees, accounting fees, executor fees, and other costs.
3. Massachusetts Probate Administration is Time Consuming. The decedent’s records must be gathered. The Probate petition must be prepared and filed with the Probate Court. The Petition and ancillary documents must be reviewed by the Court. Notice must be given to all interested parties. The Court must again review the petition after notice has been given. Finally, if all goes well, an executor will be appointed. All of this routinely takes 3 months or longer.
4. It’s public. Massachusetts Probate administration is a public process. You likely keep your financial affairs private during your lifetime, but via Massachusetts Probate administration they become very public when you die.
If you have any questions regarding estate planning or probate administration, please do not hesitate to contact Michael J. Callahan, Esq. – Sigman Law Office, PC.