The estate planning process can be incredibly complex, and the emotions swirling around the situation can make things even more emotional and exhausting to complete. Trusts and other estate planning options give you a voice even when you are no longer here to speak for yourself. Sitting down now to complete trust planning in Lancaster, PA will make things easier for you and your loved ones in the future. Bellomo & Associates, LLC specializes in trust and estate planning, and we know how to help you safeguard your assets, avoid the probate process and have increased peace of mind.
Thanks to our experience, we have in-depth knowledge of the options available to people of all income levels. We can help guide you through your options to choose the right one for your unique situation. At our firm, we can assist you with designing the right estate plan for your assets and wishes.
What Are Trusts? Are They Different from Wills?
Many people use the terms wills and trusts interchangeably, but they are two distinct things. Both of them have different uses, and they can be used separately or in conjunction to help you pass on your assets to your loved ones in the most seamless and stress-free manner possible. In short, wills are designed to help you detail who you would like to receive what after you are gone. A will can also include your guidance and preferences about other things, like who you would like to have guardianship of any minor children. In Pennsylvania, if you pass away without a will and estate plan, your estate will be distributed using intestacy laws that will create a will for you. This means that your wishes might not be carried out, as there is no formal place that captures what they are.
Trusts are unique, and there are many different options available to you when you work with professionals for trust planning in Lancaster, PA. Trusts form a fiduciary relationship between the trustee (the person named in the trust) and the trustor (you or the person creating the trust). When you name trustees, they will have the legal ability to control and distribute your assets and properties aligned with your preferences. Trusts also allow property to be distributed with caveats, so you could specify that you do not want your minor child to receive something until they marry or turn 18.
Another option for trust planning in Lancaster, PA is a living trust. Living trusts go into effect during your lifetime, and they will remain in effect after your death. Trusts are a great way to avoid the probate process and the associated time and expenses. As long as the assets are already part of the trust, the distribution process can occur quickly.
What Are Some Advantages of Creating a Trust for Pennsylvania Residents?
Many Pennsylvania residents are interested in trust planning in Lancaster, PA to specifically avoid the probate process. Probate can be incredibly intensive and costly when you add up legal fees, executor fees and other costs that must be addressed before the assets can be distributed. Trusts give you more control over what happens to your assets as well, as you can specify exactly who you want to receive things and when you want them to receive them. This is ideal for beneficiaries who might be too young to adequately handle the money or property you want to give them.
Trusts also allow you to avoid the public nature of the probate process. Some families prefer to keep their assets private and allow them to go to the next beneficiary as privately as possible. If you are curious about how trust planning in Lancaster, PA could safeguard your assets while also eliminating the public nature and stress of probate, we are happy to help.
Where Can I Find Experienced Trust Planning in Lancaster, PA?
Bellomo & Associates, LLC is proud to be an experienced resource for trust planning in Lancaster, 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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