Combine Legal Massachusetts Living Trusts Forms For Free

You might believe that if one living trust is a good thing, then multiple trusts must be even better. To be clear, yes, you may have one, two, or more living trusts. As with all estate planning questions, though, whether or not multiple trusts make sense for you depends on your circumstances.

The Massachusetts living trust form is a legal document wherein a Grantor signs all of their assets over to a trust, which, in the event of their death, will be transferred to a designated Beneficiary.

Co-owners Must be Natural Persons: A natural person is a human being; therefore, legal entities, such as corporations or trusts, cannot own a joint account.

Multiple trusts are more commonly found in a married couple's joint trust instrument, but can also be created in a sole settlor's trust. At the death of the first spouse, the couple's joint trust estate may be divided ing to California's Community Property laws.

Technically you are allowed to comingle the funds in a single account but you must balance each trust separately and must never pull from one client's to pay another. Sure you can open a separate bank account for each trust but this is expensive and creates a complex network of accounts that can be confusing.

Living trusts in Massachusetts You may choose anyone, but it is common to name yourself, with a successor trustee in place for after your death. A revocable living trust can be changed or cancelled by you at any time during your life. An irrevocable living trust is unalterable once it is signed.