The estate planning process is complicated, and because it can be such a sensitive subject it can also be quite emotional. Trusts and other estate planning vehicles allow you to have a voice even when you are physically unable to speak. Taking the time now to capture and formalize your wishes can prevent distress in the future for you and the ones that you love. At Bellomo & Associates, LLC, we specialize in trust planning in Lititz, PA and work with people in every walk of life to safeguard their assets and avoid the probate process.
Thanks to our experience, we understand all of the options available to you and can assist you in choosing the right one for your situation. We are a leading firm for trust planning in Lititz, PA, and we care about assisting you and guiding you to the perfect estate plan for your assets and your estate planning preferences.
What Are Trusts? Are They Different from Wills?
Some people mistakenly equate wills and trusts, but they are two distinct options. Many people believe that a will is the gold standard in estate planning, but trusts are often an excellent option for helping you avoid probate. Wills detail how you would like your assets to be divided up amongst beneficiaries after you are gone. They can also include your preferences for important things, like your preferred guardian for minor children. In Pennsylvania, if you pass away without a will, your estate will be distributed using intestacy laws that effectively create a will for you. This can mean that your assets do not end up divided how you want them to be.
Trusts are different from wills, and there are many different options when trust planning in Lititz, PA. Trusts create a fiduciary relationship between the trustor (you) and the trustee (the person you are naming in the trust). These trustees you name will be granted the legal ability to control and distribute your assets and any properties in accordance with your preferences. Trusts give you control over your property distribution as well, so you can specify that property be divided once a child reaches a certain age.
Another popular type of trust planning in Lititz, PA is a living trust. Living trusts are in effect during your lifetime and will stay in effect after your death. These are an effective way to get around the lengthy probate process, as the assets being distributed are already part of the trust.
What Are The Advantages of Creating a Trust for Pennsylvania Residents?
One of the biggest reasons to start trust planning in Lititz, PA is to avoid the probate process. Probate can be very expensive between legal fees, executor fees and other costs that are incurred before your assets can be distributed. A trust also allows you more control over your legacy, as it can protect your estate and assets from beneficiaries who might not be skilled at money management or who might be too young to take control of assets. Probate is also a matter of public record, and some families prefer their assets to remain private and pass from them to a beneficiary privately. If you need assistance with trust planning Lititz, PA or aren’t sure how it could help streamline your estate planning and asset distribution, we are happy to answer any questions that you have.
Where Can I Find Experienced Trust Planning in Lititz, PA?
Bellomo & Associates, LLC is proud to be an experienced resource for trust planning 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 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.