When you explore the many different ways to protect your assets and ensure that they go to the beneficiaries you would like them to, one of the options that you will come across is living trusts. These are different from other tools that don’t go into effect until you have passed, and they can be a very versatile way to protect your assets and still be able to revoke or alter the document depending on your needs. If you need a living trust attorney in Lititz, PA, Bellomo & Associates, LLC is here to help.
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What Is a Living Trust?
Living trusts are legal documents that take your assets, like real estate, vehicles, personal property, bank accounts and investments, and place them into a trust during your lifetime. In your living trust, you can dictate what you would like to happen to all of these things after your death. A revocable living trust can be canceled or changed at any point during your lifetime, and you can remain in control of your assets and move them in or out of the trust as you would like to. You will also name a trustee who will act on your behalf after you are no longer here to manage your trust.
Why Do I Need a Living Trust Attorney in Lititz, PA?
There are many different advantages of creating a living trust, but one of the biggest ones is the ability to expedite the probate process and skip going through the court system to distribute assets after death. A will has to slowly go through probate, which can be costly and time-consuming. During the probate process, the estate is valued, debts are settled, estate taxes are paid and then assets are transferred. The bigger the pool of assets, the higher the costs will be to go through probate.
Living trusts also allow you privacy that is not offered during probate. Wills are public documents, which means that they can be contested and viewed by people outside of your family or who you might not want to share your business with. Probate is also completely open to the public, so anyone could be able to see details of your estate. A living trust can be kept very private, and a living trust is often much more challenging to contest.
What Are The Advantages of Working With a Living Trust Attorney in Lititz, PA?
Because the living trust creation process has such serious ramifications, it’s important to work with an experienced living trust attorney in Lititz, PA. We know all of the details of creating a living trust in Pennsylvania and the specific laws that your estate might be subject to. We have worked with many individuals and families to create dynamic living trusts that reflect their current needs and allow them the space to modify them in the future. A living trust is often one piece of the estate planning puzzle, so we can also assist with any of your other needs.
Where Can I Find a Trustworthy Living Trust Attorney in Lititz, PA?
Bellomo & Associates, LLC is proud to be an experienced living trust attorney in Lititz, PA. We know how stressful the estate planning process can be, so we simplify the process and work hard to get your documents prepared in an efficient fashion. We have assisted local residents in transferring their assets and completing the estate planning process for over a decade, and we work hard to keep our great reputation in the community. We are both compassionate and effective. To schedule your initial consultation or learn more, call us today at (717) 845-5390.
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