A Philadelphia irrevocable trust is similar to a trust but there are some major differences. With a traditional trust you are creating a legal arrangement that will transfer your assets to your beneficiaries in the event of your death. An irrevocable trust means the grantor (you) no longer have control over your assets. You have now given the property to your trustor or grantor. This person will protect the assets until they are transferred to them in the event of your death where they legally become theirs.
A Philadelphia irrevocable trust cannot be altered without the consent of the trustor. If you need to mark changes, they must approve it and sign off on it. A lot of people do not understand this major difference between an irrevocable trust and a regular trust and they end up having a difficult time dealing with the fact that their assets are no longer theirs and they do not have control over them. It is a wise decision to set up a Philadelphia irrevocable trust if you suspect that you may suffer from dementia or other conditions that can alter your judgment. This way your final wishes will be carried out according to your desires and your assets will be taken care of by the trustor.
The other reason to establish a Philadelphia irrevocable trust is to save money on your Federal income taxes. Since the property is no longer part of your estate, you will not be taxed on it anymore. When you are setting up with trust, you must choose the right person to be the trustor and have complete faith in their judgment and abilities.
We provide a number of services pertaining to your assets and we can create legal living wills and trusts for you. Our law offices can save you the headache of dealing with probate in other cases and you can save your loved ones from dealing with probate because your estate was not ser up correctly. Contact our law offices today so one of our qualified attorneys can meet with you and create a living will and trust to make sure your assets are properly dispersed.