Revocable Living Trust Lawyer Philadelphia, PA
From Our “Ask a Question” Mailbag: “Do I need a Revocable Living Trust? Do I need a Philadelphia Revocable Living Trust Lawyer?”
Estate Planning Lawyer, Peter Klenk
Philadelphia Revocable Living Trust Lawyer, Making it Easy for Over 30 Years.
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.
What is the Difference Between Revocable and Irrevocable?
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?
Who Benefits from a Revocable Living Trust?
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.
A Revocable Living Trust can be a Great Tool If You Own Out-Of-State Real Estate.
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.
A Revocable Living Trust can be a Great Tool If You Become Incapacitated.
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.
It’s All We Do Wills, Trusts, Probate, and Estate Litigation!
It’s What We Do!
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
Free Consultation
Client Review
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Areas Served:
Philadelphia PA, Allentown PA, King of Prussia PA, Montgomery County PA, Bucks County PA, Doylestown PA, Jenkintown PA, Marlton NJ, Moorestown NJWhat Our clients are saying
Glenn P.
Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!
Nafeesha. B
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
Anita R.
Peter came highly recommended by a close friend to do our estate planning. We have been putting off for years. He is knowledgeable, professional and easy to work with.
Albert A.
You & your staff are the best thank you for everything.
AJK
Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.
Let us put our expertise to work for you.
Free consultation within 24 hours.
