Both a Will and a Trust are useful estate planning documents, but understanding their differences will help you decide which is right for your particular estate planning objectives and personal circumstances.

Also known as a Last Will and Testament, a Will is used to direct how your assets are distributed at the time of your death.  A Will allows you to:

• express how you want your assets to be divided and who will inherit them after death;
• name a personal representative to oversee the probate of your estate; and
• choose a guardian to take care of your minor children.

 One of the most common misperceptions regarding Revocable Living Trusts is that they are only for the super wealthy who have large taxable estates.  This couldn’t be further from the truth!

There are many important benefits of Revocable Living Trusts beyond federal and Massachusetts estate tax considerations. A Revocable Living Trusts allows you to:

• have full control over and the benefit of your property without probate court intervention during periods of incapacity;
• to control the distributions of your assets and give what you have, to whom you want, in the way you want, privately and without needless delay or probate court intervention; and
• to plan to minimize or eliminate estate taxes and to safeguard your property from your loved ones’ financial immaturity, their creditors and even their potential future divorces.