To learn more about the difference between a will and a trust, read on and reach out to our skilled Butler County will preparation attorney today. Our legal team is ready to help you prepare for your future.
What is a trust in Pennsylvania?
A trust is a contract that permits a person to select a trustee and authorize the trustee to take care of their assets until the beneficiary inherits them. It is critical to understand the various title names involved in a trust. First, the individual who constructs a trust is known as a trustor. The person who inherits the assets from the trust is referred to as a beneficiary. A third party’s purpose is to manage the trust on behalf of the beneficiary.
There are a number of different types of trusts that you may want to take into consideration as you consider your estate planning needs. Depending on your situation, you may need one or more options to ensure that your estate plan is well-rounded. Some of the common types that our firm can help you create include the following:
- Revocable Living Trust
- Irrevocable Trust
- Irrevocable Tax Trust
- Special Needs Trust
What is a will?
A last will and testament provide that surviving family members and friends may follow your wishes when it comes time to allocate your assets. It expresses who gets your assets as well as who is in control of them. Keep in mind that the last will and testament only control assets that are possessed individually and do not have a beneficiary assignment.
A will must go through probate, which is sought to resolve disputes. If there is a disparity between those inheriting assets through a will, the judge is bound by law to resolve the dispute, even if it is valid. This implies that the government is in control and that the information is shared.
It is also important to recognize that in order for a will to be valid in Pennsylvania, it must be signed. Additionally, unlike other states, Pennsylvania does not require a witness to your will unless you are unable to sign the will on your own. If you have questions regarding the purpose of a will in an estate plan, our legal team is here to help. Give us a call today to speak with a skilled Butler County will preparation attorney today.
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.