Trusts Attorneys in Reading, Pennsylvania
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 Reading, Pennsylvania, 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.
Overview of Trusts
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.
The Process of Creating a Trust
Setting up a trust involves the following steps:
Choose the right type of trust to meet your long-term goals and financial needs
Determine which assets to move into the trust
Name the trustee who will manage the trust
Create a trust document with the help of an experienced trusts attorney
Get the document notarized
Transfer assets into the trust
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.
Why You Need 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:
Have peace of mind. With a trust, you can have peace of mind knowing that your assets will be distributed to beneficiaries according to your wishes.
Avoid probate. Assets held in a trust can bypass the time-consuming and costly probate process, which is one of the primary reasons people set up trusts.
Control how distributions are made. Having a trust allows you to control when, how, and to whom distributions are made. For example, a trust can include a provision instructing the distribution to be made when a beneficiary reaches a certain age.
Protect yourself in the event of incapacity. The trust document will allow your trustee to manage your assets in the event of your incapacity.
Privacy. Trust administration does not become a public record. Wills, which need to be probated, become a matter of public record.
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.
Choosing a Trustee of Your Trust
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:
Time. A trustee should be prepared to devote a considerable amount of time to performing their duties and managing the trust. Acting as a trustee involves a lot of hard and time-consuming work.
Trustworthy. When choosing a trustee, it is critical to find someone who is honest, trustworthy, and responsible.
Expertise. It makes sense to choose someone with expertise or at least someone who would be willing to work with a skilled attorney to help them avoid errors when managing trust assets and making distributions.
Cost. In most cases, trustees are entitled to payment for performing their duties. How much you are willing to pay should also be considered when choosing a trustee of your trust.
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.
Trusts Attorneys Serving
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 Reading or anywhere else in Pennsylvania, schedule a case evaluation with our trust attorneys by reaching out to our office.