Question: What is Pennsylvania revocable living trust?
A revocable living trust is a document to outline how someone’s properties and assets are to be distributed.
It may be best to enlist the help of an experienced revocable living trust attorney who can guide you through the process in Pennsylvania and handle all the tedious paperwork that is involved.
The 3 Roles In A Revocable Living Trust
There are 3 distinct roles in a revocable living trust.
- Grantor – This is the individual whose properties and assets will be divided.
- Trustee – Designated by the grantor, this person will manage and distribute the trust benefits. A trustee can be another person or the grantor can assume this role as well.
- Beneficiaries – These are the individuals who will receive the benefits designated by the grantor and distributed by the trustee.
Benefits In A Revocable Living Trust
There are a few reasons why a revocable living trust is beneficial. First, it can help beneficiaries avoid probate court. Probate can take months to transfer ownership of a property to the beneficiary. A trust may just take weeks. There also are no court costs and attorney’s fees to pay.
Second, there is some flexibility in how assets are distributed. While still living, grantors can decide to regularly distribute benefits to beneficiaries. Also, grantors can arrange to receive assets to cover expenses if they become incapacitated.
A third benefit is that it is revocable. This means the living trust can be changed, providing the grantor a sense of freedom to rearrange assets as need be.
Contact a Pennsylvania Revocable Living Trust Attorney
If you’re considering setting up a revocable living trust, an attorney at Unruh Turner Burke & Frees can help. Give us a call at our offices in West Chester: (610) 692-1371; and Phoenixville: (610) 933-8069.