When establishing a trust, an individual may wish to give themselves the option to revoke or change the trust while they are still living. This type of trust is referred to as a revocable trust. Many prefer to make their trusts revocable so that they have the ability to manage their estate while they are still living and change it if their wishes change. A revocable trust is only open to amendment as long as the trust maker is alive and becomes permanent once that individual passes away.
Establishing A Living Trust Pittsburgh, Pennsylvania
Also known as living trusts, revocable trusts allow the grantors to still exert some power over their assets while they are living and plan for their departure simultaneously. A revocable trust can be used as a substitute for a will by overseeing the distribution of the trust maker’s estate. Living trusts are known to be faster and more cost-efficient than wills, which require court supervision or probate. With a revocable trust, the grantor, who creates the trust, hands over management of the trust property to a trustee, whose job it is to see to their client’s best interest. With a revocable trust, the creator of the trust and their trustee are able to establish a personal relationship so that the needs and desires of the grantor are better understood and attended to.
Unlike a will, which only goes into effect after the grantor’s death, revocable trusts can benefit the creator and their family upon establishment. The owner of the estate may choose any competent adult to be the trustee of their assets, most prefer a legal professional in the field of trusts or a banker to manage their trust. In some circumstances, individuals may decide to appoint a family member, child, or close friend as the trustee. Because the trust will be active during the grantor’s lifetime, he or she may want to communicate closely with this trusted individual and show him or her how to manage the trust so that when the grantor passes away, they will know that the finances are in good hands.
Advantages Of A Revocable Trust
Advantages of revocable trusts are numerous. Many choose them because they allow for avoidance of probate, which can be a painful, tedious process for the grantor’s family after his or her death. Probate can also be expensive if there are multiple probates required in an estate which crosses state lines. Revocable trusts also ensure that the owner’s estate remains private. While the probate process may uncover parts of the estate to the public, trust documents remain private before and after the grantor’s death.
Trusts also minimize the potential for a dispute over the terms of the estate. This is because everything is listed and will not be subject to review in probate. Trusts also accommodate growth or minimization of the estates they cover. If the estate in the trust document grows while the grantor is still alive, the individual has the option to amend the trust to accommodate those changes. To do this the grantor will need to transfer property into the trust, which is not normally a difficult process as long as there are not significant complications. The same would go for a situation in which the estate shrunk for some reason. Another significant benefit is the fact that a trust can help to avoid any conservatorships. This is a situation where one person becomes the sole custodian of a collection. In some situations, a conservator can become dictating and may distribute the assets for his or her benefit. A trust will keep this from happening because an unbiased third party will be delegating as the grantor outlined in his or her terms.
Hire The Temple & Frayer Law Office To Manage Your Trust
Our attorneys have 65-plus combined years of experience, and we are proud of our success in managing the estates of our clients and gaining their satisfaction. Estate planning is a difficult process, both emotionally and legally. At Temple & Frayer Law Office, we understand that it takes sensitivity and compassion to effectively execute our clients’ needs when it comes to their estate. Our qualified estate planning attorneys have experience establishing and managing revocable trusts while maintaining client satisfaction as their No. 1 priority. If you are wondering whether a revocable trust is the best fit for you and your estate, contact our office today to discuss your situation with a revocable trust attorney in Pittsburgh. You can call us at 412-998-1197.