Trevose Estates and Trusts Lawyer
Estates and trusts are both taxpaying entities that serve important legal purposes related to estate planning, which addresses your financial legacy. Estates and trusts are challenging legal matters that you’ll want to manage with the professional legal guidance of our experienced firm in Trevose on your side.
Understanding Estates
An estate is a legal entity that is triggered upon the death of the individual it represents. It includes all the assets and properties the individual owned at the time of their death. Resident estates in Pennsylvania are determined by the residency of the individual who leaves the estate—their beneficiaries’ residencies, however, aren’t relevant.
If you are a resident of Pennsylvania, all the assets, family heirlooms, and properties you own at the time of your death will make up your estate. Any of these assets that aren’t held in a trust or that don’t name a beneficiary will go through the probate process, which means they will be distributed according to the wishes expressed in your will or – if you have no will – according to Pennsylvania’s inheritance laws.
Revocable and Irrevocable Trusts
Trusts are legal instruments that are either revocable or irrevocable.
Revocable Trusts
With a revocable trust, you – as the person who created it – retain the right to control the included assets and to change the terms at any point. This affords considerable flexibility and helps to ensure that your assets will be distributed according to your wishes.
Revocable trusts come with considerable benefits that include all the following:
- You can name a successor trustee to manage your affairs if you’re incapacitated, which avoids the legal hassle and expense of having a conservator appointed by the court.
- Revocable trusts bypass the probate process, which translates to greater privacy.
- A revocable trust allows you to manage how and when your assets will be distributed.
- With a revocable trust, you can help your beneficiaries protect their assets, such as from creditors or a divorced spouse.
- A legally binding revocable trust ensures that your wishes will be upheld, is very difficult to contest, and affords considerable peace of mind.
Irrevocable Trusts
On the other hand, an irrevocable trust can’t be altered once it’s executed. It offers much less flexibility but more protection from creditors or lawsuits against you or your estate. An irrevocable trust can also have tax benefits depending on the circumstances and your priorities.
Experienced Estates and Trusts Attorney in Pennsylvania
The seasoned estates and trusts lawyers in Trevose, PA, appreciate the vital necessity of estate planning. We’re committed to helping you implement a plan that supports your peace of mind and provides for your loved ones well into the future. Your estate-planning efforts are essential, so contact us online or call for more information about what we can do to help you today.