Trusts are no longer just tools for the wealthy. Today, many families in Southeastern Massachusetts use trusts—both revocable and irrevocable—to gain greater control over their assets, avoid probate, and protect loved ones. At Surprenant, Beneski & Nunes, P.C., we’ll help you determine which type of trust works best for your goals, whether you’re planning for long-term care, protecting privacy, or managing your legacy.
The Core Structure: What Every Trust Needs to Include
Every trust, whether revocable or irrevocable, includes the same basic elements:
- Grantor: The person who creates and funds the trust
- Trustee: The individual or institution that manages trust assets
- Beneficiaries: Those who will receive the trust’s assets
- Trust Agreement: The document outlining how the trust functions
Both types of trusts can help you bypass probate and keep your affairs private. This means faster distributions, fewer court fees, and less stress for your family after you’re gone. However, the real difference lies in how much control you retain and what protections you gain.
Revocable Trusts: Flexible and Built for Change
A revocable trust, also called a living trust, is created during your lifetime and can be changed at any time. You can update beneficiaries, remove assets, or even revoke the trust entirely. This flexibility makes revocable trusts a strong option for those who want to maintain control while they are alive and ensure a smooth asset transfer later.
Benefits of revocable trusts include:
- Continued access and control over your assets
- The ability to amend or revoke if circumstances change
- Avoiding probate after your passing
However, the tradeoff is limited asset protection. Assets in a revocable trust are still considered yours for legal and financial purposes. That means:
- Creditors can reach these assets
- They count toward MassHealth eligibility
- They may not be shielded from long-term care costs
If flexibility is a top priority and you don’t need asset protection, a revocable trust may be the right fit.
Irrevocable Trusts: Greater Protection With Less Flexibility
With an irrevocable trust, you give up control over the assets you place in the trust. You cannot change or dissolve the trust without court approval or the consent of all beneficiaries. While that may sound rigid, this structure offers significant advantages.
Clients choose irrevocable trusts for:
- Asset protection from creditors or lawsuits
- Potential tax benefits
- Preservation of wealth for future generations
- Protection when planning for long-term care and MassHealth
For example, transferring your home into an irrevocable trust five years before applying for MassHealth can protect it from being used to pay for care. These trusts are often used to hold:
- Life insurance policies
- Gifts or inheritances
- Rental or vacation properties
While you give up some flexibility, you gain a greater level of protection. Choosing a trustworthy, capable trustee is especially important with irrevocable trusts, since they will have control over how your assets are managed and distributed.
What Do Revocable and Irrevocable Trusts Have in Common?
Though different in structure and purpose, revocable and irrevocable trusts share several features:
- Avoidance of probate
- Privacy for your estate
- Streamlined asset transfers to beneficiaries
- Potential for tax planning and incapacity preparation
Both can be key pieces of a thoughtful estate plan. The right choice depends on your priorities, whether that’s flexibility, protection, or long-term planning.
How We Help You Make the Right Choice
At Surprenant, Beneski & Nunes, P.C., we listen first. We want to understand your goals, your family dynamics, and any concerns you may have about taxes, privacy, or long-term care. Then we’ll help you choose the right trust or combination of trusts to match your needs.
- Interested in flexibility and control? We may recommend a revocable trust.
- Worried about long-term care or preserving wealth? We’ll walk you through the benefits of an irrevocable trust.
- Need both? Many families use both types of trusts to meet different objectives.
We’ll draft and fund your trust with care and clarity.
Contact Our Experienced Southeastern Massachusetts Estate Planning Attorneys
Whether you’re just getting started with estate planning or reviewing your existing plan, we’re here to help. With offices in New Bedford, Easton, and Hyannis, Surprenant, Beneski & Nunes P.C. serves clients throughout Southeastern Massachusetts. Contact us today to schedule your consultation and take the next step toward protecting your legacy.