Estate planning can be very emotional and complex, but it is pivotal to ensuring that your wishes are carried out when you are no longer here to do so. By taking time now to formalize your wishes and decide the future of your assets, you can prevent a great deal of emotional distress in the future. Trusts are one of the most versatile and proven ways to avoid a length probate process and safeguard your assets. Trusts can also be used in conjunction with other estate planning tools like wills to prepare for whatever lies ahead. Bellomo & Associates is a leading attorney providing trust planning in York, PA. Our team of seasoned experts can walk you through the process of creating a trust and making sure that your estate plans include your assets and reflect your wishes.
What Are Trusts? Are They Different from Wills?
While the two terms are sometimes used interchangeably, trusts and wills are distinctly different documents. Wills are legal documents that explain how you would like your personal property and assets to be divided up amongst any beneficiaries. A will is also the best vehicle for stating your preference as to your preferred guardian for any minor children involved. In your will, you will also name a person to manage the assets you left behind to your minor children In Pennsylvania, any person who dies without a will has their estate distributed in accordance with intestacy laws. The state will effectively create a will for you and divide your assets up in line with their guidelines, instead of taking into account what you might have wanted.
Trusts are a different type of estate planning tool, and they come in many different formats. A trust forms a fiduciary relationship between the trustor (you) and the trustee (who you are naming in the trust). The trustee or trustees that you designate will have the legal ability to control and distribute your assets and property in line with your wishes. When you work with an experienced attorney for trust planning in York, PA, you can also explore trusts that can be used alongside wills like testamentary trusts. Trusts also allow you a certain amount of say over when and how your property is distributed. For example, you could attach conditions to the distribution of property to a child, like requiring them to reach a certain age or marry before receiving the assets.
A living trust is another method you can use when trust planning in York, PA. A living trust will go into effect during your lifetime and remain in effect after your passing. A living trust can circumvent and streamline the probate process, as the associated assets and property will already be in the trust. As an experienced attorney in York, we can help you find the perfect estate planning elements for your unique situation.
What Are The Advantages of Creating a Trust for Pennsylvania Residents?
A living trust is one of the best ways to plan ahead and limit stress and turmoil for your loved ones after your passing. We know how to take care of trust planning in York, PA, and we work with individuals and families who care about making sure their wishes are carried out and stress is minimized. Over the course of the probate process, the court will examine all estate planning documents, which can be very expensive and drag on for months. A living trust speeds up the process to get assets into the possession of your loved ones faster. Pennsylvania does not use the Uniform Probate Code, so we can help you with trust planning in York, PA for your estate of any size.
Where Can I Find Experienced Trust Planning in York, PA?
Bellomo & Associates, LLC is proud to be an experienced resource for trust planning in York, 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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