Trusts are one of the best ways to ensure that loved ones are provided for after you’re no longer around. If you think that a trust would be a good financial decision in your case, it pays to sit down with a trust attorney in Wellesley, MA, and figure out what approach to use. Feel free to ask questions during the process. Here are three examples that are likely to be on your list.
One has to do with what type of trust would accomplish the outcome that you desire. In some cases, a revocable trust may be recommended. At other times, one that cannot be revoked would be the right choice. An attorney will explain how each works and what they would mean for you.
Another question has to do with determining who will administer the trust. You have options that range from appointing a friend, relative, or even a financial professional to manage it. It’s also possible to set up provisions of whom to manage the trust if your first choice refuses or is not around to take on the task.
Last, there’s the matter of what assets to associate with the trust. Typically, the goal is to include assets capable of producing returns in most economic climates. This helps to ensure the loved one you want to protect continues to have a steady stream of income from the trust.
Remember that the trust attorney in Wellesley, MA, is there to do more than set up whatever you decide. Your attorney wants you to be aware of all your options and how they relate to the intent of that trust. Discuss all aspects and choose the trust structure wisely. In the long run, you can rest easy knowing your loved one is provided for adequately.
For more information, please contact Dennis Sullivan & Associates at today.
