An estate encompasses property or assets you have acquired during your lifetime. Therefore, estate planning can help you protect those assets after you die. When you pass, your assets are distributed in accordance with your will. Establishing a trust is one way to ensure your assets are protected after your death or if you become incapacitated.
A Warrendale trusts lawyer could help you define your property and assets to be sure that it is transferred to those you intend to have it. One of our skilled estate planning attorneys could assist you with identifying your assets and planning your estate. Our legal professionals can assist you to ensure you are prepared for the future.
A trust is an effective strategy to ensure your important assets are protected if you become incapacitated or after your death. There are several types of trusts in Pennsylvania:
Also known as an inter vivos trust, this allows you to transfer assets to the trust while retaining control and the ability to revoke or modify it during your lifetime. Upon your passing, the assets in the trust pass to your beneficiaries listed in the trust document, avoiding the lengthy probate process.
This trust offers more asset protection benefits. Once assets are transferred to the trust, you generally cannot get them back. There are various types of irrevocable trusts, each serving a specific purpose.
This type of trust can hold a life insurance policy, potentially reducing your taxable estate.
This is established to benefit a disabled person without jeopardizing their eligibility for government benefits.
This trust can be used to minimize estate taxes for married couples.
An attorney in Warrendale could advise you of which type of trust works best based on your unique situation and goals.
There are significant advantages to establishing a trust. First and foremost, assets in a trust generally avoid probate, a lengthy and public court process. Irrevocable trusts can also shield assets from creditors and nursing home costs within legal limitations.
Moreover, trusts allow you to dictate how assets are distributed and managed for your beneficiaries, including provisions for responsible spending or protecting them from creditors. A lawyer could help you establish your own trust in Warrendale to help you protect your assets.
The process of creating a trust in this state is relatively straightforward. However, there are some important considerations:
If you have questions about the process of establishing a trust, contact an attorney in Warrendale to learn more.
While it may be difficult to think about, planning for your passing is just part of life. The estate planning process gives you the opportunity to dictate what happens after your death and ensures that your wishes are respected. Inheritance laws can be complicated and establishing beneficiaries in a will or living trust avoids these issues.
A Warrendale trusts lawyer can advise you on our state’s laws regarding legally binding trusts and help you memorialize your intentions. Our experienced attorneys understand the importance of protecting your assets after death and will represent your best interests. Contact our office to discuss the estate planning process.
