Trusts

pennsylvania trust attorneys fellerman and ciarimboliDeath is a frightening experience for many. But what’s even more frightening is not knowing what will happen to your loved ones’ futures once you are gone. While many people choose to avoid estate planning, the sooner you prepare for the future, the less frightening it will be.

The best way to provide for your family’s future is creating a trust. But how do you get started?

You pick up the phone and you contact the PA trust attorneys at Fellerman & Ciarimboli. For decades, our estate planning lawyers have been helping clients in Philadelphia, Scranton, and Wilkes-Barre with trust creation. We understand how difficult this situation can be. That’s why we will take the time to walk you through the process and make sure your family’s future is protected if something should happen to you.

What is a Trust?

In estate law, a trust is used to distribute the property or finances to a selected individual after a person dies. The purpose of a trust is to make sure the selected person is cared for after someone passes away. For example, take the case of chef Anthony Bourdain. He created a will in 2016 which made his wife at the time the executor. Bourdain then created a trust outside of the will for his daughter which had the bulk of his estate. You can learn more about the case here.

A trust has a set of legal guidelines that must be followed. These rules determine the specifics of how the property is distributed and when. There is usually a guardian appointed by the deceased to make sure these rules are carried out as specified. Violating these rules is considered a breach of fiduciary duty and the guardian can be held accountable in a court of law.

The Types of Trusts

When creating a trust, it’s important to know there are four different types of trusts:

Revocable Trusts – These types of trusts are created during the lifetime of the grantor through a transfer of property to the trustee. The creator of the living trusts keeps the power to either change or revoke the trust.

Irrevocable Trusts – Once the grantor passes away, that trust becomes irrevocable, meaning it cannot be changed. The trustee needs to follow the rules that the grantor had established when distributing property or payments.

Protect your Family's Future Now

The estate planning attorneys at Fellerman & Ciarimboli are here to help you make the difficult decisions.

Living Trusts – Like revocable trusts, this type of trust is created while the grantor is still alive. Unlike many trusts which don’t go into effect until the grantor dies, a living trust can be effective immediately after it’s been established.

Testamentary Trusts – These are also known as trusts under will. They are created within the will after the grantor has passed away. The trust is designed to accomplish specific goals such as gifting money to charities, ensuring that a special needs beneficiary is cared for, or providing income to a spouse over his or her lifetime.

This is why it's important to speak with an experienced trust attorney to help you plan out a trust. Our lawyers can guide you through the process and advise which trust would fit your goals the best.

Why Should I Create a Trust?

Maybe you think that a trust is only for someone who may have wealth or a lot of assets to protect. But in reality, there are various reasons why you should create a trust.

The most important reason is the establishment of a trust can save money in the long run. With a legal document in place that explains how property is transferred, it can help prevent the probate process which can be extremely expensive. It also reduces and, in some cases, eliminates some of the estate taxes that will be charged upon your death.

A trust also puts control of the estate in your hands. The instructions that you lay out for how your assets are to be distributed must be followed. It gives you the power to change beneficiaries, revoke the trust, and sell the property, even if you become incapacitated.

A trust also gives you the power to make certain gifts to individuals or organizations. For example, if you want a specific piece of jewelry to go to your jewelry, you can rest assured that your wishes will be carried out as long as it is referenced out in your trust.

How Our PA Trust Attorneys Can Help

Now is the time to prepare for the future. The NEPA estate planning attorneys at Fellerman & Ciarimboli understand how difficult it can be to make these decisions. With compassion and respect, we will work with you to make the process as simple as possible. We work hand-in-hand with financial advisors and other financial experts to make sure your finances are taken care of.

Do not avoid the future. Now is the time to plan accordingly or else the courts will make the decisions for you. Contact our Philadelphia trust attorneys at Fellerman & Ciarimboli today to set up a free consultation.

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