A living trust may be a key component of your estate plan. Trusts can add needed flexibility to your estate plan, help you avoid probate costs, and ensure that your wishes are carried out. To learn whether a trust document is right for you, you will want to work closely with a Philadelphia trusts lawyer.
Living Trust as Part of Your Estate Plan
A living trust is a document that sets forth how you want your property to be managed and distributed. The wishes established within the trust take effect during your life and continue after your death.
For a living trust to have effect, you will need to place your property into the trust. This includes real property as well as personal property and cash. The living trust will only govern property that is properly funded into the trust. You should rest assured knowing that placing your property into the trust does not mean you lose control of it. You can make yourself the trustor and trustee; essentially, giving yourself full control over trust property.
Why a Living Trust May Be Right for You
The decision to create a living trust is individual and personal. A living trust offers many benefits; however, there may be some drawbacks as well. To determine if a living trust is right for you, you should consider some of its finer points:
- Avoid Probate Costs. Going through the probate process can be very expensive and time consuming. A living trust can help you avoid the probate process for the majority of your assets.
- Confidentiality. A will is a very public document. On the other hand, a trust is typically confidential.
- Specificity. With a living trust, you can leave detailed instructions on how you would like your property distributed and managed.
- Continuity. A trust is considered a distinct legal entity and can continue even after death. It therefore allows you to better ensure that your wishes are carried out long after death with a trust instrument.
Contact a Philadelphia Trusts Lawyer
If you are interested in creating an estate plan and want to discuss whether a living trust is right for you, contact Philadelphia trusts lawyer Anthony Caiazzo. Mr. Caiazzo can be reached at (215) 465 – 5575 and will fully discuss your specific needs for your estate plan.