Trusts in Massachusetts are governed by the Massachusetts Uniform Trust Code. To create a trust in Massachusetts, first identify the assets to be included. The cost to set up a trust depends on the type. For a basic trust, the filing fee is $375 plus a $15 surcharge. To setup a Medicaid irrevocable trust, assets must be held in the trust to qualify for Medicaid. An estate planning attorney familiar with Massachusetts law can ensure the trust meets legal requirements.
Benefits of a Living Trust in Massachusetts
The main benefits of a living trust in Massachusetts are avoiding probate and protecting assets. With a living trust, assets are managed by a trustee for the benefit of beneficiaries. The grantor chooses the trustee and beneficiaries. A living trust can be changed or canceled anytime by the grantor. After death, assets pass directly to beneficiaries without court intervention.
How to Create and Manage Trusts in Massachusetts
Where are trusts recorded in Massachusetts?
- Trusts in Massachusetts are governed by the Massachusetts Uniform Trust Code, codified at G.L.c. 203E.
- There are two main classifications of trusts: testamentary trusts and non-testamentary trusts.
- Trustee’s certificates can be recorded in the registry of deeds or office of the land court.
- The Commonwealth recognizes the realty trust to hold legal title to real estate.
How do I get a copy of a trust in Massachusetts?
- A copy or certified copy of your deed can be obtained at the Suffolk Registry of Deeds, located in Boston, MA.
- Beneficiaries and heirs are entitled to notice when a trust settlor dies and there is a change of trustee.
Taxes:
- In some situations, the trust might need an employer identification number (EIN) from the IRS, especially if it becomes irrevocable upon the death of the grantor.