Are you planning your trust? Do you know the difference between a revocable trust and a irrevocable trust? Our Philadelphia trust planning law firm will be able to help you determine which trust is the right one for you and your family.
A revocable living trust is commonly used if you have real estate and other assets that require a deed to be transferred. Our attorney will be able to draw up with new title or deed and transfer it to your trust. This way you are free from the tax burden and you have the opportunity to transfer the property while you are of sound mind. Our Philadelphia trust planning help will make sure you are not being unfairly taxed. We will help you pick the right beneficiary to control your assets until the event of your death.
Revocable living trusts are preferred by most people because you can change them if your life changes and you need to add or remove people from your trust. Our Philadelphia trust planning attorney will be able to help you make changes to your will and to prevent it from going to probate because you have altered the will and possibly removed someone from the will.
Philadelphia trust planning is extremely important if you want your property to be transferred to your children after your death. Establishing a trust will prevent your assets from going to probate where your children may argue over them. This can cause family relationships to be damaged forever, which is why it is so important to take care of your assets before your death.
When you establish a living trust, you are in charge of funding it. You must also manage the trust as well in order to make sure your assets will be transferred accordingly. A living trust can get expensive so you do need to be very careful about proceeding with it in case you may have your circumstances change and you will be unable to afford the trust.
One of the main reasons why some people establish a living trust is to hide their financial affairs. A living trust is not public record, saving you from putting your money out there for others to try and steal.