trusts attorneys west chesterA trust is a common tool used to help distribute property or assets to a loved one in your lifetime or after you have passed away. This written document outlines how, when, and where a gift or property is to be allotted to a beneficiary.

You may have decided to include a trust in your estate plan. A trust generally allows a third party (trustee) to hold assets on behalf of beneficiaries. Many options exist, and a trust can specify exactly how and when assets pass to beneficiaries. A trust may or may not be a valuable asset to your estate plan, but an attorney experienced with trusts can help you decide. From our West Chester office, we can guide you through the process and handle all of your concerns. There are many reasons to set up a trust, and you’ll need a professional to ensure you’re getting the protection you need for your assets.

Living Trusts Attorneys

Your beneficiaries can often gain access to assets from a trust more quickly than they would using a will. In addition, a trust may not always be considered part of the taxable estate, meaning fewer taxes will be due upon your death. The two basic types of trusts are living trusts and testamentary trusts.

A living trust allows your beneficiary to access your planned gift during your lifetime, while a testamentary trust is set up in your will and goes into effect at the time of death. There are two types of living trusts:

  • Revocable: You retain control of all assets within your trust, and you have the right to revoke or alter the trust at any time.
  • Irrevocable: The assets in this trust no longer belong to you and the terms cannot be altered without the beneficiary’s consent. However, funds in this type of trust are not subject to estate taxes.

Although setting up a trust is important, it does not equate to a full estate plan. An attorney at LUONGO BELLWOAR LLP will help to lay out your options and make sure you understand the financial results of every available option. In addition to setting up trusts, our West Chester team can assist with

  • Setting up wills
  • Creating living wills
  • Planning for retirement
  • Planning for relatives’ educations
  • Creating medical power of attorney
  • Creating general power of attorney

For more information about these other services, please visit our Estate Administration page.

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