FAQs On Trusts
Creating an estate plan can be one of the most effective ways to make certain that your final wishes are carried out when you pass away. By implementing trust in your estate plan, you can make certain that your estate is protected from costly tax liability, and you can help ensure that your beneficiaries receive what they are entitled to.
Though you may have the best of intentions for your family, you may be uncertain about which legal documents to implement in your estate plan and you may even have questions or concerns that are keeping you from taking the appropriate measures to protect your family. With our knowledgeable Pittsburgh estate planning attorneys working at your side, you can make empowered and informed decisions for your future, your finances and your family. To learn more about trusts, read through the following frequently asked questions.
What is a trust and why do I need one?
Trusts are specific legal documents that are created to act as an agreement between the maker of the trust (trustor) and the beneficiaries of the trust (trustees). The trust will give the trustor the opportunity to give specific instructions within the trust as to the trustor’s final wishes concerning the distribution and administration of the assets named within the trust. It will then be the trustee’s responsibility to make certain the trust is administered in the manner expressed by the trustor.
How should I choose a trustee?
Choosing a trustee should not be a simple task. Your trustee should be someone whom you completely trust and can rely upon to act according to your instructions. By choosing an unreliable trustee, you could set your family up for costly litigation or dispute.
What kind of trust is right for me?
There are many types of trusts and the two primary forms include living trusts and testamentary trusts. Because each trust serves its own function and purpose, you should speak immediately with a lawyer who can help you determine which type of trust best suits your unique needs. Various types of trusts include the following:
- Credit shelter trusts
- Life insurance trusts
- Qualified Terminable Interest Property (QTIP) trust
- Qualified personal residence trust
- Dynasty trust
Can I modify a trust?
Trusts can be made both irrevocable and revocable. Revocable trusts can be revoked, modified or amended at any given time, most typically by the trustee. Irrevocable trusts, on the other hand, cannot be revoked or modified by the trustee. There may be specific situations where an irrevocable trust can be modified, however, you must speak with an attorney to determine if you are eligible to modify your trust.
Want To Speak With Someone Directly? Temple & Frayer Law Office Is Here To Listen.
If you have more questions and would prefer to speak with our Pittsburgh estate planning lawyers personally, do not hesitate to connect with us. At Temple & Frayer, our founder, Dale P. Frayer, is AV Preeminent peer-review rated* through Martindale-Hubbell, and we have been serving the local community for over 65 combined years. When the future of your business, family, or your estate is on the line, come to no other firm.
*AV®, AV Preeminent®, Martindale-Hubbell Distinguished and Martindale-Hubbell Notable are certification marks used under license in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell® is the facilitator of a peer review rating process. Ratings reflect the anonymous opinions of members of the bar and the judiciary. Martindale-Hubbell® Peer Review Ratings™ fall into two categories — legal ability and general ethical standards.