Living Trusts And Estate Planning
A living trust demonstrates your commitment to provide for your family and loved ones even after you are gone, at the same time putting you in control of who benefits from your estate. It is a tool of estate planning, allowing the placement of assets into a trust to be distributed to assigned beneficiaries after your death or incapacitation.
The skilled trust creation attorneys at Biernacki & Associates of Pittsburgh, Pennsylvania have years of experience guiding clients through the formation of legal trusts. Call (412) 557-7726 today to schedule your free estate planning consultation.
Once My Property Is In A Trust, Can I Make Changes?
A revocable living trust gives you the peace of mind that your estate planning can be flexible until your time of death. With a revocable trust, you can revoke a beneficiary at any time, without notice. An irrevocable living trust however cannot be altered once it is created.
It is a common misconception that by putting your assets into a living trust you have forfeited them to the trust or beneficiaries. With a revocable trust you continue to live in your home and have control over your assets through the time of your death.
Should I Form A Living Trust Or File A Will?
Living trusts and wills are complementing strategies in estate planning. During your initial consultation, one of our trusts and estate administration lawyers can review your assets and goals with you to give a recommendation if one plan, or a combination of both, is best suited to meet your needs.
Assets of a trust can be distributed to beneficiaries any time after your death, even immediately if that is a stipulation of the trust. Trusts can also incorporate properties located outside your state of residence. A trust can bypass the probate process, which often drags out for months before distributing your assets through a will.
In a trust you can stipulate at what time and what interval you wish your assets to be released to your beneficiaries. Some grantors specify beneficiaries reach a particular age before they inherit, or inheritance be spread out over an extended period. With a will there is no option for delaying an inheritance, assets are distributed at the conclusion of probate.
Living trusts also provide for the care of persons with disabilities. A special needs trust attorney can walk you through the particulars of ensuring your loved one receives the public benefits they need to thrive, while benefiting from financial resources left for the purpose of improving their quality of life. This unique circumstance could not be accomplished with a will.
Top Trusts Lawyer, Pittsburgh, Pennsylvania
The trusts and estate administration lawyers at Biernacki & Associates have years of experience guiding clients through the estate planning process. They provide each client with a one-on-one, personalized strategy, to help you protect your assets and stay in control of your estate. Contact them today for your free consultation.
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