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- Medicaid
- Living Trusts
- Estate Administration and Probate
- Asset Protection
- Veterans Benefits
- Special Needs Trust
News
- $6.4 million fine for companies guilty of scamming seniors with pricey legal plans...
Posted on 10/22/2009 - Preparing a living trust for your children? Don’t forget to name a guardian...
Posted on 9/30/2009 - An unusual type of trust is becoming popular...
Posted on 8/31/2009 - Can you make your trust a beneficiary of your IRA?...
Posted on 8/31/2009 - Financial elder abuse cases on the rise as economy continues to struggle...
Posted on 7/29/2009
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Living Trusts
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- Living Trust Overview
Living Trust Overview
So you’ve heard about a living trust and it seems like a good idea. But, what is it exactly?
A simple explanation is that a living trust is a legal document that can partially substitute for a will. Think of it as a document that designates who can sign your name after you die or when you are incapacitated, and a document that lets everyone know how your estate will be distributed.
With a living trust your assets – things like your home, bank accounts, and stocks – can be placed in the trust and administered during your lifetime. When you die, the assets in your living trust are transferred to your beneficiaries. One of the benefits is that your assets will be passed on without going through probate. Since nobody wants to mess with probate – the time, the expense, the invasion of privacy – a living trust is worth considering.
A living trust should be set up by a qualified elder law attorney. There have been many scams over the years where unsuspecting seniors have been sold living trusts that basically do nothing but cost money (and make money for the scam artists). Make sure you are dealing with a qualified attorney – and make sure they regularly prepare living trusts in your geographical area so they’re familiar with all the latest laws.
What does a living trust do?
A living trust can accomplish a number of things, depending on how it is set up. An experienced elder law attorney can help you better understand your options, but here are a few to consider:
A living trust…
- Pulls all your assets together under a single plan, making them easier to track and maintain
- Allows you to name a trustee to control the assets in your trust for your benefit
- Establishes guidance for what powers and authority the trustee has
- Names the beneficiaries who will receive your assets when you die
- Allows you to specify when they will receive your assets, if you don’t want them distributed immediately after your death (i.e. delay giving assets to a minor child until they turn 21)
- Allows your estate to avoid going through probate when you die
- Prevents court involvement if you become incapacitated
- Preserves the privacy of your estate and how it is distributed after your death
To find out more about how a living trust can work for you, please contact the Pennsylvania law offices of Shields and Boris.
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 200
Wexford, PA 15090
Toll Free: (800) 879-0984
Phone: (724) 934-5044
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
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