Few people truly understand the full extent of the protection offered by trusts. These estate planning tools offer more flexibility and more depth than wills. They may even prevent probate. They should not be overlooked in your quest to protect assets for future generations.
At Solomon, Berschler, Campbell & Thomas, P.C., our attorneys frequently recommend various types of trusts as part of a comprehensive estate planning package for people in Norristown and throughout Pennsylvania.
Types of Trusts in Pennsylvania
The most common type of trust is the revocable living trust. Revocable refers to the fact that you can change it at any time. Living means it is created during your lifetime. Revocable living trusts come in many shapes and sizes, depending on your needs.
Our lawyers will start by getting to know what you would like to accomplish through estate planning. Perhaps you have a beneficiary who should receive an inheritance, but you would like the money to be spread out over a long period of time. Perhaps you have a loved one who has special needs, and you are concerned about a large payment jeopardizing your loved one's government benefits. Perhaps you would like some of your assets to go to charity. These are all situations that can be addressed with trusts.
Trusts Need to Be Funded
The process is not finished when your trust is created. Unfortunately, this is the point in the process at which mistakes are often made. In order for a trust to be effective, it needs to be funded. In other words, assets need to be transferred to the trust. Assets that are not transferred will not be protected. We will make certain that the trust is properly funded. We do not consider the process of trust creation concluded until you are fully protected.
Discuss Trusts in a Consultation
For more information about including a trust in your estate plan, call 610-624-2006 or email today to talk to one of our experienced attorneys.