Question: When would I use revocable living trust in Pennsylvania?
Answer:
A revocable living trust can be used by you to distribute your Pennsylvania assets and properties in 3 different ways.
- While you are still living – this option allows you to see and enjoy giving your designated beneficiaries your outlined benefits over a period of time. You can set up a regular distribution of assets to whomever you choose.
- If you become incapacitated – if this were to happen, you have already named someone to handle your trust, and this trustee can be instructed to pay benefits for your care, as well as to other beneficiaries.
- Upon your death – your trustee should have exact instructions covering the distribution of your assets so he or she can manage your estate as you wished.
With a revocable living trust, an attorney can help prepare a trust agreement to delineate the responsibilities of the grantor, which is you and the trustee. Your named trustee can be yourself or someone else. If you do choose to handle the trust while you are still able, you can name a successor trustee in the event you do become incapacitated or die.
Another consideration is to check whether Pennsylvania allows for a “pour-over will.” This decree places all of your property into the trust when you die. By instituting a “pour-over will,” you are ensuring your assets will be given directly to your beneficiaries instead of going through probate court.
Contact a Revocable Living Trust Attorney
If you’re considering a revocable living trust, an attorney at Unruh Turner Burke & Frees may be able to help. Give us a call at our offices in West Chester: (610) 692-1371; and Phoenixville: (610) 933-8069.
References:
http://www.utbf.com/
http://www.ehow.com/info_8172175_revocable-living-trust.html?ref=Track2&utm_source=ask
http://www.ehow.com/list_7433858_questions-revocable-living-trusts.html
http://estate.findlaw.com/trusts/living-trust-information.html
