When you set up a trust, you need to name someone to manage the assets and the trust controls. This person is known as the trustee. While you may wish to start by naming yourself as the trustee, it is very important to consider very carefully your choice of who is to follow as trustee upon your death or incapacity. If at all possible, it is always a good idea to facilitate collaboration among siblings and other family members.
In some situations, it can be a good idea to name a corporate successor trustee to administer the trust if you should die or become incapacitated. The advantage of hiring a trustee service attorney for this role is that a Trust Attorney will be much more knowledgeable about the relevant laws that can affect your estate, including both federal and Massachusetts laws, than a family member would be likely to be. Of course, you can decide to name both your trustee service attorney and your family member as co-trustees. Before you decide to hire a Trust Attorney for this role, you should consider the quality of service, the people, the stability of the firm, their expertise, and their local presence here in Massachusetts.
There are very good reasons why you may wish to consider the Law Offices of Boyd & Boyd, P.C. as a successor trustee or co-trustee along with a family member. If you name the Law Offices of Boyd & Boyd as a successor trustee or co-trustee, you will gain the advantage of our years of experience as well as the personal service our clients have relied on for many years.
Our law firm was founded in Massachusetts in 1976 and incorporated as Boyd & Boyd P.C. by a father and son team in 1992. We remain a family business in many ways, employing several members of the Boyd family and serving the same community that has trusted and relied on us for decades now. We pride ourselves on our AV rating in the Martindale-Hubbell Legal Directory, the highest rating available and a recognized mark of the highest ethical and professional standards.
When it comes to setting up a trust, the legal complexities can prove intimidating to many people. Our philosophy has always been to “keep it understandable,” helping our clients make decisions they can understand and feel completely comfortable about.
As a professional trustee we can be especially useful to surviving spouses in cases of needed assistance for investment and tax issues. Where there are discretionary trusts, or stepped distribution to heirs over time a professional trustee can be useful to buffer family members from unreasonable demands.
Another important factor to consider is the possibility of creeping personal dementia. Of course this is a topic that most people don’t want to think about, but it can bring you some much-needed peace of mind to know that you will be taken care of when or if it is ever needed. An experienced and capable Massachusetts Trust Attorney like Boyd & Boyd P.C. can remove some of the worry and uncertainty of growing older, freeing you to relax and enjoy your life.
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