Estate planning can be a complex process, however, it is one of the most important ways that you can plan for your future. The beginning part of an estate plan will usually start with the creation of a will. There are many personal documents that must be included in an estate plan to ensure that it will be a strong and valid will for years to come. Trusts are one of the most important documents involved in an estate plan and they are used to protect assets from legal trouble and preserve them for beneficiaries. If you would like to learn more about trusts and how you can begin your estate planning process, contact our experienced Pennsylvania estate planning attorneys today to discuss your case. Our legal team is equipped to help you navigate through this process.
What is the difference between revocable and irrevocable trusts in Pennsylvania?
There are two different types of trusts in Pennsylvania: revocable and irrevocable. Revocable trusts permit an individual to maintain control of their assets until they pass away. Once they pass, their assets will then immediately transfer to the beneficiaries of their choice. On the other hand, an irrevocable trust transfers ownership of an individual’s assets right away. In certain cases, a spendthrift provision can be joined to the irrevocable trust to guard it against credit seizure in the event that a beneficiary needs to file for bankruptcy.
If you have questions regarding which trust might be a better fit for you and your family, do not hesitate to reach out to our experienced Pennsylvania estate planning attorneys to learn more about your options and how we can best serve you.
What are the benefits of creating a trust in Pennsylvania?
Some of the benefits of creating a revocable trust in Pennsylvania include the following:
- They allow you to plan for potential mental incapacitation
- They help your family avoid the probate process
- They can help you protect your privacy
There are also benefits of using an irrevocable trust. Some of these benefits include and are not limited to:
- Asset protection
- Charitable estate planning
- Estate tax reduction
If you would like to learn more about trusts and your options, our firm is here to help. Our Pennsylvania estate planning attorneys have years of experience and are dedicated to helping you make the best choices for you and your loved ones.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.