Wealth Preservation, Trusts and Estates

Avoid Probate With A Revocable Living Trust In Pennsylvania (PA). I want to remind everyone to consider a combination of a pour over will and revocable living trust to help avoid probate for your estate. Read here to learn more about the mechanics of a revocable living trust. There are many people who choose to use a revocable living trust because they want to save some time and expense for their beneficiaries by avoiding probate.  Here is a great link to David Frees, Esquire’s review of the probate avoidance debate.  The will and trust themselves are only the first step, you must also properly title all of your assets into the name of the revocable trust during your lifetime in order to fully avoid probate. We often work with clients to prepare the pour over will, revocable living trust and also to retitle bank accounts, stock accounts, real estate and other assets into the revocable trust name. This is likely to have a higher upfront cost for the consumer, but it will likely serve to provide a savings of time and money for the beneficiaries of an estate. The revocable living trust is not an estate planning tool for everyone and it certainly makes more sense for some than others. Using a will alone or a will and a revocable trust is a personal choice that clients make when deciding the best way to accomplish their family estate planning goals. Read here to learn more about the revocable living trust pros and cons.
Please feel free to contact Douglas L. Kaune, Esquire any time at 610-933-8069 or dkaune@utbf.com to discuss your particular estate plan and determine if the revocable living trust is right for you.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices Chester County Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Law Practice Locations.

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By Douglas L. Kaune, Esquire Pennsylvania Attorney
Wills * Trusts * Estates * Estate Planning * Asset Protection Planning
Malvern, Phoenixville, and West Chester Law Offices Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County

Hmm, if I did not already have a will and trust, I would have run out to meet with an estate lawyer to commission a last will after I read the title words to this blog posting. Thanks to my profession, I happen to recognize the need for a cohesive estate plan to minimize tax implications, avoid family disputes, protect beneficiaries from improper spending, creditors, lawsuits and divorce. So many people either have an out dated will or no will at all and are “too busy” in their lives to update their planning.
As this recent Wall Street Journal Article reminded me, Benjamin Franklin was a walking billboard for Estate Planning Attorneys everywhere when he said, “but in this world nothing can be said to be certain, except death and taxes.” As I read his words, I imagined Ben flying his kite in the thunderstorm waiting for lightning to strike and I was not thinking about the discovery of electricity. Instead, the probate attorney in me wondered if Mr. Franklin had heeded his own words about death and taxes by having a properly drafted Last Will and Testament. After all, the lightning could have struck more than just the dangling key. After a little research I was able to locate Benjamin Franklin’s last will and testament online so click here to see how Ben protected his family, children, lands, assets and wealth from creditors, taxes and government interference.
Ben was right, not just about death and taxes, but also that he needed that last will and testament.
by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills, Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees, P.C.
Phoenixville, Malvern, West Chester PA
dkaune@utbf.com PH: 610-933-8069

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Who Will Initiate Probate: Probate is the court adjudicated process that an Executor or Administrator follows in the estate of someone who dies in Pennsylvania (PA). The Executor is a person or trust company named in a will. The Administrator is a person or trust company appointed by the Court where no will exists, Where there is a will that does not name an Executor or where the will names an Executor(s) who refuses or fails to act. Generally, the intestate beneficiaries or their appointees will have the first option to act as Administrator if one of the above circumstances were to arise.

What You Need To Start Probate: The basic requirements are the original will where one exists, original death certificate, Petition for Probate and Estate Information Sheet often prepared by the Attorney/Lawyer for the estate, check for probate fees paid to the Register of Wills, renunciations if necessary and witness affidavits if the will was not notarized.

Where Probate Takes Place: The Executor is appointed at the Register of Wills Office in the county in Pennsylvania where the decedent resided at death. Locally, one of the following courthouses would likely have jurisdiction: Chester County: West Chester, Montgomery County: Norristown, Delaware County: Media, Philadelphia County: Philadelphia, Bucks County: Doylestown, Berks County: Reading.

Once the Executor/Administrator Has Been Appointed: The remainder of the estate administration and probate requirements for PA will have to be followed. Among the requirements will be notice to the beneficiaries, periodic status reports to the court, gathering information for preparation and filing the PA inheritance tax return and federal estatate tax return (where necessary). Obviously each estate is different and the work necessary for completing the estate administration will vary from case to case. We will provide you with follow up postings about the probate process and ways to avoid potential problems and issues once you are appointed as the Executor/Administrator.

by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills, Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees, P.C.
Phoenixville, Malvern, West Chester PA
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

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