David K. Lucas & Associates
PLLC
LIVING TRUSTS
Do You Need a Living Trust?
It depends. Over the last thirty years, Living Trusts have become much more popular as an Estate Planning tool. Unfortunately, there is a great deal of misinformation about Living Trusts and they are certainly not for everyone.
Fortunately, Pennsylvania has a fairly simple probate process. For this reason, it is not necessary to take extraordinary steps to avoid the probate process in this state. Other states have a much more complex and time consuming probate process. In these states, it may be more advantageous to consider the use of a Living Trust versus a Power of Attorney and standard Last Will and Testament.
It is important to understand that the use of a Living Trust does not reduce Pennsylvania Inheritance Tax. In addition, the use of a Living Trust will generally not reduce the Court fees and/or Attorney fees associated with finalizing the Trust after your passing.
Advantages and Disadvantages of a Living Trust
It is very important to understand both the advantages and disadvantages of setting up a Living Trust, including the responsibilities of maintaining the assets in the Trust after initial set up.
Typically when a Trust is completed, it does require annual review and adjustments. If you have assets set up in a Trust, it is very important that you conduct these annual reviews to make certain that you will obtain the benefits of having the Trust.
If you are considering setting up a Living Trust, please feel free use our online contact form or call our office directly at 724-836-3300 and we will explain both the advantages and disadvantages of the same as it pertains to your particular situation.
After consideration of the facts, a sound decision can be made with respect to moving forward with the Trust or using a more simplistic approach with use of a Last Will and Testament, Power of Attorney and Living Will. Generally, the simplistic approach is much less expensive and easier to manage after implementation.
TESTIMONIALS
What Our Clients Say
"David and his team provided exceptional guidance during one of the most difficult times in my life. Their clear explanations and calm approach made all the difference."
Sarah M.
Family Law Client
"Professional, efficient, and transparent. They helped us set up our wills and trusts with such ease. Highly recommend for anyone in Westmoreland County."
Robert K.
Estate Planning Client
"After my father passed, I was overwhelmed. The firm handled the probate process with dignity and speed, taking a huge weight off my shoulders."
Michelle L.
Probate Client