Trusts

Yes, for most collectors. Massachusetts does not allow transfer-on-death registration for vehicles, so a car titled in your own name is a probate asset. A collection of any real value means a public court filing listing what you own, months before anyone can sell or transfer a car, and storage and insurance costs running the

To leave assets to grandchildren responsibly in Massachusetts, use a trust rather than a direct gift or a custodial account. A trust lets you name who manages the money, set the age when your grandchild actually receives it, and protect the inheritance from creditors and a future divorce. Custodial accounts under the Massachusetts Uniform Transfers

If you have a pet likely to outlive you, or an animal with a long lifespan or significant care costs, a pet trust is worth setting up. Massachusetts specifically authorizes trusts for the care of animals under General Laws Chapter 203E, Section 408, enacted in 2011. A pet trust names a caregiver, funds that care

If you own your business through an LLC or a corporation, the answer is usually no. Your tools and equipment belong to the entity, not to you, so what goes in your trust is the ownership interest in the business rather than the individual assets. If you operate as a sole proprietor, the answer flips: your

In most cases, yes. Creating separate trusts for each of your children gives each one their own trustee relationship, their own investment decisions, and their own creditor and divorce protection, without one child’s problems affecting another’s inheritance. The main exception is when your children are still young and you want the money available where it

For many Massachusetts residents past their mid-sixties, the answer is yes. You do not literally convert a will into a trust. You add a revocable living trust to your plan and retitle your assets into it, keeping a will as backup. The reason to do it as you age is that a will only takes

Naming your trust as the beneficiary of your life insurance policy is often a smart move in Massachusetts, especially if you have minor children, want to control how and when the money is used, or need to protect the proceeds from a beneficiary’s creditors or divorce. It is not automatic, though. If your beneficiaries are