Estate planning can be a complex and emotional process, but it is absolutely critical to protect your assets and ensure that your wishes are carried out when you are no longer here to do so. Trusts are one of the most versatile ways to guard assets and avoid probate, and they can be used in conjunction with other estate planning tools for great results. Bellomo & Associates is a leading trust planning attorney in Lititz, PA. We are here to guide you through the trust creation process and determine which trust is best for your situation.
What Are Trusts? How Are They Different from Wills?
Wills and trusts are two types of estate planning tools in Pennsylvania. Wills are legal documents that distribute assets and personal property to beneficiaries and people named in the will. Wills can also name a guardian for minor children or designate a party that will be responsible for managing assets left behind to minor children. Without a will, estates in Pennsylvania will be distributed in accordance with intestacy laws. Essentially, the law will make a will for you and divide your assets accordingly, without consideration to your preferences.
Trusts can be testamentary trusts, living trusts or something else entirely. Trusts create a fiduciary relationship with a trustor (you) and the trustee (the person named) who gets the legal ability to control assets or property on behalf of a beneficiary (the third party). Testamentary trusts are used alongside a will, and a trust planning attorney in Lititz, PA can design a trust that will transfer property and other assets, including things like life insurance policies, after your passing to a beneficiary. You can attach conditions to a trust, like only granting a beneficiary access after a certain age or after marriage.
Living trusts are started during your life and will remain in effect after your passing. Living trusts help you to avoid the probate process providing that all of the relevant property was part of the living trust before your passing. We can guide you through the different types of living trusts so that you can make an informed decision that is right for you.
What Are The Advantages of Creating a Trust in Pennsylvania?
A living trust is one of the best ways to simplify the distribution of your assets after death. As a trust planning attorney in Lititz, PA, we work with many clients who want to circumvent the lengthy probate process. During the probate process, court officials will take time to look through your estate planning documents and determine their authenticity and merit. While that might seem simple, it can drag on for months or years and be very costly. A living will streamlines the probate process to preserve as much of your wealth as possible and allow your loved ones to receive what you would like them to as quickly as possible. Living trusts are appropriate for both big and small estates, as Pennsylvania does not utilize the Uniform Probate Code. Your trust planning attorney in Lititz, PA can walk you through the process of creating a living will and ensuring it’s the right fit for your family.
Where Can I Find a Trustworthy Trust Planning Attorney in Lititz, PA?
Bellomo & Associates, LLC is proud to be an experienced trust planning 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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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.