Setting Up And Managing A Trust Is Easy
Many estate planning tools can protect assets. While a will is a common one for passing assets to loved ones, a trust can also be useful in accomplishing this task or it can be used to supplement a will. Different kinds of trusts perform different tasks, but they generally avoid the cost of probate.
The idea is for the trustor or grantor to transfer legal ownership to another person, business or institution called a trustee. The trust provides guidelines for how it should work and the trustee fulfills the obligations of the trust for whomever the trustor chooses, such as children, grandchildren or other beneficiaries.
With more than four decades of experience handling estate law matters in Erie and western Pennsylvania, I am an attorney who has set up hundreds of trusts for my clients and have helped manage their administration. My experience is matched with a personalized approach and unsurpassed drive to protect the assets and futures of my clients and their beneficiaries.
Common Trusts Many Find Useful
I provide guidance for several kinds of trusts. The most common are:
- Revocable trusts: Also known as living trusts, these are created during the lifetime of the trustor and can be modified or entirely revoked.
- Irrevocable trusts: These are trusts that cannot be altered or revoked.
- Charitable trusts: These are set up for a charity or for the public. These can be useful for lowering estate tax or gift tax. They also can provide peace of mind as an altruistic gesture.
- Constructive trusts: These are implied trusts that are established by the court based on certain circumstances or facts even if there was never a formal declaration.
- Special-needs trusts: These are set up for individuals who also receive Social Security benefits. Disabled beneficiaries cannot control the trust distributions nor can they revoke the trust. The main benefit is that the trust does not affect the amount of government benefits received.
Learn How You Can Protect Your Family’s Assets
Contact a knowledgeable lawyer if you have questions about how to avoid probate or set up a trust. I can walk you through the process. Call 814-580-9495 or email me to set up a free initial consultation.