Q: How do I know if I need to create trusts or if a will is sufficient for my estate?
A: A Will states how your estate is to be disbursed upon your death. Trusts are created for a variety of reasons, to avoid probate and the costs associated with probate, for tax purposes if needed, and finally to make sure the proceeds of your estate are passed over more than a single generation. Unless you have someone who need a Special Needs Trust or you have a large estate that would be subject to estate tax, which for MA purposes is more than $1 Million and for Federal purposes under current law about $5.6 Million, then you do not necessarily need a trust. Depending upon your age and physical condition, if you own a home you might want to create a Qualified Personal Residence Trust to protect your home should you have to enter a nursing home more than 5 years from now.
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