There are many estate planning tools that can help you plan for the future and exercise control over how your assets are distributed after your death. One of these tools is a trust. At Curran Estate & Elder Law, PLLC, our trusts attorneys in Berks County, PA, provide skilled and compassionate representation to clients throughout Berks County and neighboring counties.
We help individuals and families determine the best tools to use in their estate plans and ensure that their trusts are properly set up. Our estate planning attorneys handle trust litigation and other types of trust-related matters, regardless of how complex they are. Get the guidance you need by reaching out to our team.
A trust is a fiduciary agreement between a trustor and a trustee. The person who creates a trust is known as the trustor, while the trustee is a person/entity that holds and administers assets for the benefit of a third party (beneficiary). A trust document outlines the instructions for the management and distribution of assets held in a trust.
Trusts can be categorized into revocable and irrevocable. Revocable trusts can be modified or revoked at any point during the trustor’s life. Irrevocable trusts, on the other hand, cannot be changed or revoked.
Each type of trust serves a different purpose and has its own advantages and disadvantages. To be effective, a trust must be carefully drafted and implemented. You’ll need the assistance of a knowledgeable attorney to set up a trust that meets your specific needs and goals.
Setting up a trust involves the following steps:
A skilled trusts attorney will guide you through the process of creating a trust. An attorney will help you navigate the complexities of estate planning and protect your best interests when setting up a trust.
There are many reasons to create a trust. In fact, setting up a trust can be beneficial for all adults regardless of their age, the size of their estate, their wealth, and other factors. Some of the benefits of having a trust include:
These are not the only benefits of establishing a trust. Having a trust can help you achieve many other goals. If you are considering creating a trust, our trust attorneys at Curran Estate & Elder Law, PLLC, can help. We are dedicated to helping clients make well-informed decisions when choosing the right type of trust, drafting a trust document, and selecting a trustee.
Before you begin choosing a trustee of your trust, you need to understand the duties of trustees. Some of the duties include observing the terms of the trust, distributing assets correctly and according to the trustor’s instructions, and managing the trust efficiently. Trustees hold trust assets for the benefit of a third party (beneficiary). Beneficiaries are individuals or entities named by the trustor who inherits the assets held in the trust.
There are several things to consider when choosing a trustee:
You will have to make many tough decisions when creating a trust besides choosing a trustee. Reach out to a skilled attorney to help you navigate the process and protect your best interests.
If you have assets you want to protect, consider setting up a trust. Our team of trust attorneys at Curran Estate & Elder Law, PLLC, can help you understand your options and plan for the future. We provide a full range of estate planning services, including those related to trusts. If you live in Berks County or anywhere else in Pennsylvania, schedule a case evaluation with our trust attorneys by reaching out to our office.