Revocable Trust for Single Individual: Separate Share Trusts for Children (Massachusetts)

This legal template is designed to create a Revocable Trust for a single individual in the state of Massachusetts. Specifically, it includes the provision for Separate Share Trusts for their children.

A Revocable Trust, also known as a living trust, is a legal instrument that allows an individual, known as the grantor, to transfer ownership of their assets into a trust during their lifetime. The grantor retains control and can make changes or revoke the trust at any point while they are alive. Upon the grantor's death, the assets held in the trust are distributed according to the terms outlined in the document, without the need for probate.

In the case of this specific template, it focuses on Single Individual Revocable Trusts in Massachusetts. This implies that the trust is being established by a single person, without any joint or dependent parties involved. The trust document will outline the properties and assets that will be transferred to the trust, as well as the beneficiaries who will receive them.

One notable feature of this particular template is the inclusion of Separate Share Trusts for Children. This means that the grantor wants to establish individual trusts for each of their children within the larger revocable trust. This can provide added benefits such as asset protection, control over distributions, and potential tax advantages. The terms of each separate share trust can be customized in accordance with the grantor's wishes, ensuring that the assets are managed and distributed according to their specific intentions for each child.

Given the complexity and legal implications involved in establishing a trust, it is crucial to consult with an attorney or legal professional familiar with Massachusetts trust laws before using this template. They can provide appropriate guidance and modifications to suit individual circumstances and goals, ensuring the document is legally sound and aligns with the grantor's intentions.