Wills and Trusts
Our Pennsylvania Probate Litigation Attorneys Can Guide You Through the Process
You do not know what the future will bring. Drafting a will or trust helps you prepare for tomorrow. Right now, you may feel healthy and whole, but days, months or even years down the line you might suffer health problems, either physical, psychological or both. A will or trust conveys your wishes should you die or become mentally or physically incapacitated. If you pass away without a will or trust in place, then Pennsylvania intestacy laws will be utilized in order to create one for you and allocate your property to your closest relatives. However, to ensure that your true wishes are carried out, it is best to draft a will or trust while you are able. Pennsylvania probate law can be complicated, however. For this reason, it is in your best interest to seek the aid of experienced Pennsylvania wills and trusts attorneys. They can help you navigate the law and draft a strong trust or will that leaves little room for interpretation or dispute.
For more than 30 years, clients from King of Prussia, Pennsylvania and the surrounding areas have turned to Troncelliti Law Associates for help in probate matters large and small. Our Pennsylvania estate planning attorneys put our clients first and work to help them draft the strongest estate plans possible. We use our legal experience and knowledge to help you plan for the future. Our firm can guide you through the estate planning process and decide whether a will or a trust works better for you, based on your individual circumstances.
What Does Drafting a Will in Pennsylvania Entail?
Will and trusts each serve different purposes. A will indicates what your wishes are in the event of your death concerning the disbursement of your property, money and other valuable assets. It becomes active at the time of your passing. Please take note that a will only deals with property and/or assets in your name, but nothing that falls under joint ownership or tenancy. A will might also name a guardian for any minor children left behind and/or name someone to manage the property and assets left to minor children.
A person who drafts a will chooses a personal representative to oversee how it is executed. This process tends to include:
- Establishing the validity of the will
- Contacting and informing the beneficiaries in the will
- Paying any taxes or debts the estate owes
- Resolving any other tax-related matters
- Gathering and accounting for assets and property
- Distributing property and assets to beneficiaries
Pennsylvania intestacy laws might not account for the special needs of your family. However, you can plan by thinking ahead and consulting with qualified Pennsylvania wills and trusts attorneys about drafting a will. That way, you can express in detail what you wish to happen to your property and assets in the event of your death. Once that is done, you will not have to worry about the matter and can get back to enjoying your life and family.
What Does Drafting a Trust in Pennsylvania Entail?
A trust differs from a will in that a person does not have to pass away in order for the trust to become active. It entails an individual, called a “trustor”, to give someone else, called the “trustee”, the legal title to property or assets to manage for a third-party. It becomes active when the property or assets are transferred to the trust. For example, you might create a trust with your money, property and assets for your children that someone else manages for them until they come of age.
Generally, two different types of trusts exist:
- Testamentary Trust: Usually created in conjunction with a will, this kind of trust allows for property or assets to be transferred into a trust after the death of the trustor. Sometimes, it attaches a condition for the beneficiaries, such as he or she gains access to the trust after they come of age, graduate college or get married.
- Living Trust: You can have a revocable or irrevocable living trust. Either can start during the trustor’s life and carry on after his or her death. Also, either kind of trust can help avoid probate if the property and assets subject to probate are placed into the trust before the trustor’s death. Please note that a revocable living trust allows the trustor to make changes to the trust, while an irrevocable living trust does not.
Additionally, you might also consider a pour-over will. This entails your estate creating a trust and the designated trustee receiving your property in the event of your death. As not all jurisdictions recognize pour-over wills, you should consult with knowledgeable Pennsylvania estate planning attorneys before proceeding with one.
Contact Our Pennsylvania Will and Trusts Attorneys for an Initial Consultation
To properly utilize estate-planning tools, such as wills and trusts, you can call on our Pennsylvania wills and trusts attorneys for help. Our legal team can guide you through the probate process and help you ensure that your family is taken care of and that you have a plan in place should the worst befall you.
Contact us today to schedule a consultation to examine your probate-related needs, goals and objectives. We can help whether a will or trust is best for you and can help you determine what kind of will or trust you should be considering. Call us at (610) 365-4240 or contact us online. Start planning for tomorrow today.
Why Choose Our Law Firm?
Firm started in King Of Prussia
Years Of Experience
We care about our clients