Philadelphia Revocable Trusts
From Our “Ask a Question” Mailbag: “I want to make the process as easy as possible for my children when I die. I live in Philadelphia, and my children all live out of state. Are Philadelphia Revocable Trusts useful for avoiding probate?”
Revocable Living Trust Attorney Daniella Horn
Using Revocable Living Trust in Philadelphia (or anywhere else).
A well-crafted Revocable Living Trust is an excellent estate planning tool. Once we draft your Trust, we can create a deed moving your house so it is owned by the Trust (not by you). The Trust can also own your vacation property, bank accounts, and other investments. You are the trustee, so you control the assets. You are the beneficiary, so you can spend the money on yourself and live in the properties. The Trust owns the assets, but this fact has little effect on your day-to-day life.
How Does a Philadelphia Revocable Trust Avoid Probate?
If you should die without a Philadelphia Revocable Trust, a Will shall dictate the way your assets are divided. To use a Will, your Executor must file a petition with the Register of Wills and pay a hefty fee, which delays obtaining control over your assets.
A Revocable Trust avoids all of these steps.
Remember, the TRUST will own your house and bank accounts. Not you. So, when you die, the owner of the assets doesn’t die. The Trust is just fine. Your successor trustee steps in after your death and has immediate control over your assets without a need to file a Will or pay a fee. Easy. Your Trustee can accomplish these tasks from anywhere on Earth. Your successor trustee can take control after your death from a beach in Hawaii; there is no need to appear in court or at the Register of Wills.
How Do You Create a Philadelphia Revocable Trust To Avoid Probate?
The Philadephia, Pennsylvania Law office of Klenklaw has been creating Philadephia Revocable Trusts for over 25 years. If a Revocable Trust fits you well, we can incorporate it into your comprehensive estate plan.
If you want to start the process now, follow this link: contact our office.
We start the process with a free consultation. You provide us with information about your assets and goals, and we brainstorm together to arrive at the best possible plan. If this includes a Philadelphia Living Trust, then we draft the document and deed to move your house into the Trust. You come to our office to sign, and we then file the deed. That is it! Simple.
There is no annual filing fee or extra tax return, and a Philadelphia Revocable Living Trust can be rather simple and inexpensive.
To learn more, follow this link to my Revocable Living Trusts All You Need To Know article.
In Conclusion, Philadelphia Revocable Trusts are Useful Tools.
Would you like more details about probate? Follow this link to my article, Probate: Everything You Need to Know.
I hope you found this short article about Avoiding Probate for Your Vacation Home helpful. I have also included some links for more detailed information. Contact us if you want to know more or have an estate that needs our help. Let our Probate and Estate Planning lawyers help walk you through what can be a confusing process. Feel free to contact our office for a free consultation. It’s All We Do:
Wills, Trusts, Probate, and Estate Litigation!
It’s What We Do!
Peter Klenk, Esq. Pennsylvania Probate Lawyer, New Jersey Probate Attorney
Tags: Revocable Trust
