Understand the Benefits of a Trust
In Pennsylvania, probate can be a lengthy and expensive process filled with paperwork, notification requirements, and more paperwork. A living trust enables you to pass assets to beneficiaries without the hassle or expense of going through the probate process. It is important, however, to make sure living trusts are created and funded appropriately to avoid probate.
To learn more about living trusts or to determine if you should have a living trust in your estate plan, contact the experienced estate planning attorneys at Silvers, Langsam & Weitzman, P.C., home of MyPhillyLawyer.com, in Philadelphia.
Many benefits and many different reasons exist for using a trust as part of estate planning:
- Asset protection
- Charitable giving
- Special needs planning
- Avoiding asset mismanagement
- Holding funds for minor children
- Probate avoidance
- Tax savings
An additional benefit of creating a trust is the amount of control it provides. Is the named beneficiary irresponsible with money? Do you have a specific purpose for the gift, such as to fund college? When establishing the trust, the grantor (you) may establish purposes or conditions for the beneficiary to use funds from the trust.
Your individual needs and goals should be discussed with an experienced attorney to ensure the trust is tailored to meet those goals. Our estate planning lawyers can help you understand the different types of trusts from testamentary trusts (trusts established in accordance with your will after your death) to the many forms of living trusts (trusts established during your lifetime). We also assist clients with establishing irrevocable trusts, a form of living trust, established to minimize taxes.
Have the information you need prior to making important decisions regarding your estate plan. We provide the advice you need to make informed decisions. Contact our Philadelphia attorneys to discuss your specific situation.