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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?”

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. 

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What Our clients are saying

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Elizabeth Ray

Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!

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Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

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Anne W.

I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!

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Brian M.

Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

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Tom Mettinger Sr.

Integrity, exceeding the client's expectations. In-depth knowledge of the law

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