When you are faced with the need to draft estate planning documents such as wills and trusts, working closely with an attorney who will explain all of your options is vital. Contact our firm today to speak with an experienced estate planning attorney.
Learn More About Wills and Trusts
At the law offices of Arlene Glenn Simolike, Esq. and Associates, P.C., our wills and trusts lawyers understand the importance of protecting your assets. We will assist you in establishing an estate plan that involves the right combination of wills and trusts to see that your wishes are addressed appropriately. Our services are available for clients in Philadelphia and Feasterville, as well as the surrounding parts of Pennsylvania and New Jersey.
Below, we have provided extensive information about wills and trusts. We encourage you to review it. When you would like to learn more about your case specifically, please get in touch with our attorneys. Contact us for a free half-hour consultation.
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Trusts 101
A trust is a great estate planning tool for anyone who wants to avoid the costs associated with probate, decrease the amount of taxes paid at death and provide limitations on their young children's ability to access money left to them. An attorney experienced in estate planning at Arlene Glenn Simolike, Esq. and Associates, P.C. in Philadelphia, Pennsylvania, can explain trusts and how they can be a viable component of your estate plan.
Trust Basics
A trust is a legal property interest held by one person, called the trustee, for the benefit of another person, called the beneficiary. The person establishing the trust is called the grantor. The grantor chooses whom he or she wants to be the trustee. The trustee should be someone the grantor believes will carry out the purpose of the trust faithfully. The trustee cannot also be the beneficiary of the trust.
A trust can be revocable or irrevocable. A revocable trust can be changed or terminated by the grantor at any time, for any reason. An irrevocable trust, however, cannot be changed or terminated for any reason by the grantor at any time.
A trust also can be a living trust or a testamentary trust. A living trust, also known as an inter vivos trust, is created while you are alive and is not part of the probate estate, thus helping you avoid probate and the costs associated with it. A testamentary trust is created through a will, and as a consequence, generally must go through the probate process.
Specialized Trusts
There are many types of trusts that can be used to meet specific needs or purposes, including:
- Charitable trusts - trusts created to benefit a specific charity or the public
- Discretionary trusts - trustees are given authority to determine when and how much trust income or property should go to the beneficiaries
- Honorary trusts - trusts to honor or remember deceased persons or to provide for the care of pets, animals or other property
- Insurance trusts - trusts that contain insurance policies and their proceeds
- Spendthrift trusts - trusts that prevent beneficiaries from assigning their interests in the trust to others and prevent creditors from attaching their interests to trust assets (for example, if the beneficiary owes money to a creditor, the creditor cannot go after the trust assets to satisfy the debt)
- Supplemental needs trusts - trusts crafted to provide supplemental income for a disabled person in a way so as not to jeopardize the receipt of government benefits
- Support trusts - trustees are given discretion to pay as much as necessary for the support of the beneficiaries
Conclusion
Trusts come in a variety of forms each suited to the particular needs of grantors. Whether you are looking to bypass probate, donate to your favorite charity or provide care for a disabled adult child, an experienced estate planning attorney can help you choose the appropriate trust document for your situation. If you have questions about trusts or estate planning in general, contact an experienced estate planning attorney at Arlene Glenn Simolike, Esq. and Associates, P.C. in Philadelphia, Pennsylvania, today.
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