Estate planning can be complex and time-consuming, and all of the emotions involved can make things even more overwhelming. There are many estate planning options available to families and individuals, and trusts are one of the best ways to speak for yourself even when you are no longer here to do the speaking. Taking the time to complete trust planning in Adams County, PA now will make your life easier in the future and ensure that your loved ones don’t need to have more stress on top of their grief when you are no longer with them. Bellomo & Associates, LLC has years of experience in trust and estate planning, and we understand how to safeguard assets, circumvent the probate process and allow you more peace of mind.
As a result of our experience working with many individuals and families throughout Pennsylvania, we have in-depth knowledge of the options available to people of all income levels and with all types of assets. We can walk you through your options so that you feel confident choosing the right one for your situation. We can work with you to find the right estate plan for your specific needs, assets and wishes. How can we help you?
What Are Trusts? Are They Different from Wills?
Some people use the terms wills and trusts interchangeably. They are both parts of estate planning, but they have distinct uses and can be used separately or together depending on what your estate planning goals are. Wills are designed to help you capture who you would like to get what once you are gone. Wills can include your guidance and preferences about other things, like who you want to have guardianship of any minor children or what you might want your funeral services to include. In Pennsylvania, if you die without a will and estate plan, the estate will be distributed in line with intestacy laws that effectively create a will for you. Your wishes might be carried out, but there’s also a high risk that state laws could put things you had a specific destination in mind for in the hands you didn’t want them to land in.
Trusts are different from wills in that there are many different options that you can choose from, providing you work with the professionals for trust planning in Adams County, PA. Trusts create a fiduciary relationship between the trustee (the party named in the trust, like a lawyer) and the trustor (you). Whenever you name trustees, they will have the ability to distribute your properties and assets, as well as control them. Trusts also give you the freedom to distribute your property with as many caveats as you prefer, so you could require the trustee to wait to distribute certain assets until the recipient turns 18 or gets married.
Living trusts are another type of trust that can be incorporated in your trust planning in Adams County, PA. Living trusts will go into effect during your lifetime and remain in effect after your death. Trusts are a fantastic way to avoid the probate process and the time and expenses associated with probate. Provided that your assets are already included in the trust, the distribution process can occur seamlessly.
What Are Some Advantages of Creating a Trust for Pennsylvania Residents?
Avoiding the probate process is one of the biggest reasons why people choose trust planning in Adams County, PA. Probate can be lengthy and very expensive after you factor in legal fees, executor fees and other fees that have to be paid before the assets can actually be distributed to their intended destinations. Trusts allow you the ultimate control over what happens to your assets and avoid the public, expensive nature of probate.
Where Can I Find Experienced Trust Planning in Adams County, PA?
Bellomo & Associates, LLC is proud to be an experienced resource for trust planning in Adams County, 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.
Jeff provides pertinent, interesting, & necessary information in a way that captures his audience.
Jeff is knowledgeable in what he speaks about the law, and how it effects every day events- and how to go about taking necessary steps.
I dreaded the thought of estate planning and put it off for years. To my pleasant surprise, working with Bellomo & Associates was wonderful. The process was efficient, all of my questions were answered and the cost was reasonable.
Outstanding knowledge of estate planning with clear, concise communication. Who knew estate planning could be enjoyable?
I have been a client and personal friend of Jeff Bellomo for over 10 years. He is professional and his expertise in elder law is superb. I highly recommend anyone with any issues regarding elder law to seek his help. I guarantee you will be more than satisfied.