From Our “Ask a Question” Mailbag: “Do I need a Revocable Living Trust? Do I need a Philadelphia Revocable Living Trust Lawyer?”
A Revocable Living Trust is one of the many tools in our estate planning toolbox. Not everyone needs one, but it greatly benefits those who do. We have been drafting them for clients for over 30 years. I would be happy to brainstorm about your unique situation. This article briefly introduces Revocable Living Trusts; links are provided for more information. By the end, you can tell if you need a Philadelphia Revocable Living Trust Lawyer.
A Trust exists when a person grants power (the Grantor) to a trusted person or company (the Trustee) to hold an asset for a Beneficiary (the person who “benefits” from the arrangement). Traditionally, this is done at death through a will. These trusts are Irrevocable, as the Grantor is now dead. A Revocable Living Trust is where the Grantor is alive and retains the right to revoke the trust. Typically, the Grantor serves as the Trustee and is the only Beneficiary.
At the Grantor’s death, the Revocable Trust becomes Irrevocable (the only person with the power to revoke has died).
Your Philadelphia Revocable, Living Trust Lawyer, can create a Revocable Trust for you, but do you need one?
Revocable Living Trusts are tools that can’t hurt to have but are much more helpful for some people rather than others. Here are some situations where a Revocable Living Trust can benefit you.
Each state jealously protects its right to determine who owns the land within its borders. So, suppose you are the executor of a Pennsylvania estate with an Ocean County shore property. In that case, New Jersey requires you to prove your status before transferring the deed or selling the property. This requires Ancillary Probate,” where you submit paperwork to the other state, providing you are the executor. The other state’s representative (likely called a Surrogate) reviews this paperwork to ensure you have authority. If you move your out-of-state real estate into a Revocable Living Trust, this step is avoided. The trust owns the property, not the deceased person. So the successor trustee must only provide a death certificate to sell or transfer the deed. This step can save your estate substantial costs and headaches if your out-of-state property is in Florida, New York, or California, where ancillary probate is particularly painful.
Life throws us all curveballs. Someday, you may have Alzheimer’s or other medical issues that prohibit you from managing your assets. You can have an Agent under a Power of Attorney to act for you, but your agent can run into problems using the document. Instead, you can have your Philadelphia Revocable Living Trust Lawyer draft a Revocable Living Trust naming you and your trusted family member, friend, or trust company as co-trustees. This trust would grant each Trustee the right to work independently. This way, when you cannot manage the money in the Revocable Living Trust, it is easy for the co-trustee to take on the work. There is then no dispute about a power of attorney.
If you want to know more, follow this link to read about Revocable Living Trusts.
In Conclusion: Do you need a Philadelphia Revocable Living Trust Lawyer?
I hope you found this short article dedicated to the question, Do you need a Philadelphia Revocable Living Trust Lawyer? I have also included some links for more detailed information. Contact us if you want to know more or have an estate needing 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.
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