A Living Trust is an excellent way to avoid the probate process, whether you’re still alive or have passed away. In a Living Trust you’ll transfer the title for all of your assets out of your name and into the name of the Trust. This is done by changing the name on the deeds to your real property, and by signing transfer of ownership documentation for other assets.
This leaves you, personally, with little ownership of anything. But once everything is in the name of the trust, you and/or your spouse can be named as “Trustees,” which means you have the power to make all decisions about every asset the trust owns. You can even revoke the Trust at any point and reclaim formal ownership. If you become ill or die, your previously named “Successor Trustee(s)” will take over the management of the Trust’s assets, but will control them to your specifications.
One significant advantage of having a Living Trust is that upon your death, there’s no need to go through the probate process. Your family will avoid unnecessary probate court and attorneys’ fees, and there’s no need to delay the distribution of your assets; intended heirs can receive their inheritances instantly. Your successor trustee must follow your written instructions on how you intended your estate’s assets to be distributed.
Estimated Death Probate Fees in Massachusetts
|
GROSS ESTATE |
PROBATE FEE |
GROSS ESTATE |
PROBATE FEE |
|
$ 100,000 |
$ 7,835 |
$ 800,000 |
$ 43,000 |
|
$ 200,000 |
$ 13,835 |
$ 900,000 |
$ 47,500 |
|
$ 300,000 |
$ 20,000 |
$ 1,000,000 |
$ 52,000 |
|
$ 400,000 |
$ 24,500 |
$ 1,500,000 |
$ 77,000 |
|
$ 500,000 |
$ 29,500 |
$ 2,000,000 |
$ 102,000 |
|
$ 600,000 |
$ 34,000 |
$ 2,500,000 |
$ 127,000 |
|
$ 700,000 |
$ 38,500 |
$ 3,000,000 |
$ 152,000 |