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legalgems, Lawyer
Category: Legal
Satisfied Customers: 10056
Experience:  Just Answer consultant at Self employed
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I have a family member who created an irrevocable trust

Customer Question

I have a family member who created an irrevocable trust where I am the income beneficiary and my children are the ultimate beneficiaries. Other family members are going to add to the trust. question - does the trust get records, and where does it get recorded - donors live in same state but in different counties
Submitted: 1 year ago.
Category: Legal
Expert:  legalgems replied 1 year ago.
What state is this in regards ***** *****?
Customer: replied 1 year ago.
Expert:  legalgems replied 1 year ago.
The idea of a trust is that it allows for privacy, whereas a will becomes part of the public record. There is no need to register a trust. Typically the trustee will retain the original, providing copies to beneficiaries, as trustees must provide an accounting and act in the best interests of the estate. The accounting is to be annually. The beneficiary has additional protections since the passage of the Massachusetts Uniform Trust Code (the “MUTC”) , which increases personal liability of the trustee. Here are the relevant statutes under the new code: The purpose of the trust is to avoid probate - as that has many fees and court proceedings; whereas a trust is administered at the discretion of the trustee, according to the terms of the trust (which is why the trustee can be personally liable if they contradict the terms of the trust).
Expert:  legalgems replied 1 year ago.
Thank you for using Just Answer.I hope the information provided was useful.Here is a link to the bar association's legal referral site: you have further questions please post here; otherwise kindly--- Rate Positively---so the site credits me for assisting you.Thank you and take care!