Trusts Lawyer King of Prussia Pennsylvania

Trusts Lawyer King of Prussia Pennsylvania

Many people spend their entire adult lives working and saving so when the day comes that they are able to retire, they will have enough money to be able to enjoy that retirement. In addition to planning for retirement, people also plan for the future when they are no longer here. Setting up a solid estate plan can help provide financial security for your family when you die. As a trusts lawyer in King of Prussia Pennsylvania can explain, there are many tools available to help guarantee that an estate plan is solid and funds are protected, no matter what the situation.

While it is always a good idea to have a will in place, it is also important to realize that wills are only one component of your estate plan. As a King of Prussia Pennsylvania trusts lawyer can explain, wills only offer so much protection for finances. There a variety of situations where a will can be contested and there is no guarantee that in the future, the funds you leave to an heir could be at risk for one reason or another.

For example, in most situations, when a married person inherits money from a parent who dies, those funds are often combined with the marital funds that they share with their spouse. At some point, those funds, combined with other marital funds, may be used to purchase a home or other large ticket item. A few years later, if the couple divorces, the funds that were inherited are lost into the marital estate and become part of the property and asset division that is part of the divorce process.

Another example of a concern a person may have that a King of Prussia Pennsylvania trusts lawyer is aware of is if the adult child has a history of addiction or poor money management skills. The fear may be that once the child receives their inheritance, the funds will be spent to maintain their addiction, such as a gambling or drug addiction. A child who has money management issues could have creditors attach liens against the funds they inherit, or they spend the funds on less than smart purchases.

An estate planning lawyer King of Prussia, PA offers knows that one of the best ways to prevent the above or other scenarios and protect the money you have worked so hard to leave to your family is by setting up trusts that avoid many of the above situations.

A living trust enables the person to leave the funds to whoever you choose as beneficiary and still maintain control over the fund or property you place into the trust. A King of Prussia Pennsylvania trusts lawyer can help you set up the trust with specific stipulations on how the trust assets will be dispersed to the beneficiary.

For example, instead of the entire trust becoming completely available to the beneficiary adult child upon the parent’s death, the funds can stay in the trust with a third-party named as trustee who will disperse funds to the beneficiary only under certain circumstances. A trusts lawyer can also add a spendthrift clause to the trust which bars any of the beneficiary’s current or future creditors from placing liens on the funds.

Call Klenk Law to find out how a seasoned trusts lawyer King of Prussia Pennsylvania families trust can help you set up an estate plan that will provide your family with the financial security they deserve.