Skippack Pa Trust Lawyers
A living trust allows you to place assets under the care of a trustee who then distributes them to your beneficiaries in accordance with your wishes. A living trust, in contrast with a testamentary trust, comes into existence while you are still alive. Pennsylvania’s trust law is based on the Pennsylvania Uniform Trust Act.
Pa Trust Parties
Three parties are required to create a living trust: The settlor, or trustor, is the party who creates the trust, sets its terms and deposits assets into it. The trustee is the person that administers the trust in accordance with the terms you, as the settlor, have set. You may appoint yourself as the trustee. Beneficiaries are the persons or organizations you appoint to receive the trust assets. A trust may include other parties as well; for example, you may name either a successor trustee or a trust protector whose sole function is to hire and fire trustees.
Pa Trust Creation
A living trust is created when you draft and sign a Declaration of Trust. The Declaration of Trust identifies the parties to the trust, specifies whether it is revocable or irrevocable, and tells the trustee how to distribute trust assets. The Declaration of Trust may give the trustee specific instructions on how to distribute the trust’s assets or allow the trustee broad discretionary authority. For example, the trustee may be permitted to invest the trust assets and distribute only capital gains to the beneficiaries. If the trust is revocable, as most are, you may modify or terminate it at any time. Pennsylvania, unlike many other states, allows you to modify or terminate a living trust, even an irrevocable one, if you can secure the unanimous consent of the beneficiaries.
The assets of a Pa Living Trust are not subject to the Pennsylvania Probate process. The Pa Trustee may immediately distribute trust assets to beneficiaries to the extent expressed in the trust document grants him the authority to do so. Assets may be distributed without seeking approval from the estate executor or probate court.
John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb (obtaining over 104 client reviews and peer endorsements) premier and prestigious Attorney and Counselor at Law. He is featured on Martindale.com, Nolo.com, Avvo.com, Lawyers.com, Justia.com, Lawyers of Distinction, and Linkedin.
Mr. Whalen has achieved the AV Peer Review Rated Preeminent award, the AV Peer Review Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award.
He serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays. His main office is located at 1199 Heyward Road, Wayne, PA, 19087. He provides free initial consultations all seven days, provides home visits, a provides flat fee client structures. He can be reached by email at email@example.com, and by telephone at 1-610-407-0220. He has amassed over 60 prestigious and premier professional awards and over 100 client reviews and endorsements. He concentrates his three decade career in the legal areas of Pa Beneficiary Law, Pa Estate Administration Law, Pa Estate Law, Pa Estate Litigation, Pa Estate Planning, Pa Estate Taxation, Pa Guardianships, and Pa Probate Law.