When Should You Have a Living Trust in Pennsylvania?
Should I have a Living Trust?
A Living Trust is a legal entity which you can create to contain assets such as your home and bank accounts, so that you are no longer the owner of those assets, but rather the Trustee of the Trust which owns your assets. While you still have complete control of your assets, the title to them has shifted from you as an individual into the Trust, which may or may not offer additional protection from creditors depending on the type of asset. At your death, the assets in the Trust do not need to go through the public, quasi-judicial process of probate, but rather remain in the Trust with a new Trustee appointed as your successor. Having a Living Trust can streamline the process of transitioning your assets after your death, as they can avoid probate and Executor fees, and your assets and net-worth will remain private.
However, in Pennsylvania, the probate process is neither terribly expensive nor protracted as it is in some states, and the cost of setting up a Living Trust and paying a Trustee can be more expensive than the cost of writing a Will and paying probate fees. As your attorneys, we can advise you as to whether a Living Trust is appropriate for your unique situation after a careful review of your assets.
The information within this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own particular situation.