The estate plans created by Pennsylvania residents will vary from family to family. However, many issues that can be addressed by having a properly worded revocable trust in an estate plan.
The probate process can be a time-consuming and expensive process. Individuals can use a revocable trust to avoid the process after the death of the grantor.
People who are concerned with keeping the treatment of their assets private should consider using a revocable trust as well. Assets that have to pass through a probate estate are placed into the public record. Placing the assets into the trust will ensure that the transfer of the assets is processed privately, which can be helpful to families who would rather not see such affairs publicized in their local newspapers.
Another issue that can be addressed with a revocable trust is the treatment of assets that are in other states. In cases in which individuals die possessing assets in multiple states, each of the states may initiate a probate estate for the assets located in that particular estate. However, if the titles for the assets are held by the revocable trust, there will be no need for the ancillary administration or probate to be conducted in those states.
Individuals can also have assets from other sources flow into a revocable trust after they die. Assets from life insurance policies, other trusts, IRAs, will and pensions can be incorporated into the trust, ensuring that they will be invested, managed and distributed according to the terms stipulated in the trust.
An attorney who provides estate planning services may consider the goals of clients and may recommend certain types of trust to ensure that the distribution of assets are handled in accordance of the clients’ wishes. The attorney might assist with drafting a revocable trust and other estate planning documents.