Berks County Living Trusts Attorneys

Securing The Legacy Of Our Clients in Pennsylvania

The most commonly used alternative to a simple will-based estate plan is a revocable living trust plan.

A revocable living trust is established by an individual (the "grantor") during their lifetime in which the grantor reserves the right to alter, amend, or revoke the trust.

If you need support planning your living trust, call at (610) 957-0018 or contact our firm online! Our Berks County living trust attorneys at Dorko Wealth & Estate Planning can help you.

What is a Living Trust?

A living trust is a legal document where you transfer ownership of your assets to a trust during your lifetime. It allows for the management and distribution of these assets if you become incapacitated or after your death, avoiding the probate process.

In any trust, there are three parties

• Trustor/Grantor: The person or persons who create the trust.
• Trustee: The individual or corporation who is in charge of the assets held in the trust.
• Beneficiaries: The person or persons who are to receive the benefit from the assets.

While in some cases three distinct parties may serve as the grantor, trustee, and beneficiary, in most living trust estate plans, the same person serves all roles.

What Are The Benefits Of A Living Trust?

Living trusts offer several benefits, making them a popular choice for estate planning, including:

• Flexible: The usual living trust provides that the grantor retains the right to amend or revoke the trust at any time.
• Controlled beneficiaries: The trust usually provides that all of its income and principal can only be used for the grantor's benefit. Also, provides a clear plan for managing and distributing assets according to the grantor's wishes, which can help prevent disputes among heirs.
• Incapacity Planning: If the grantor is not able to serve as trustee, a successor disability trustee would take over management according to the terms of the trust. This means that there would be no need for any kind of legal guardianship proceeding.
• Avoids Probate: Assets in a living trust generally bypass the probate process, which can be time-consuming and costly. This means quicker and more private distribution of assets to beneficiaries.
• Facilities for married couples: In the case of a married couple, a Joint Living Trust would have both spouses named as the grantor, trustee, and beneficiary. Upon the death of one spouse, the surviving spouse would continue to act as sole trustee. Upon the death of the grantor, or in the case of a married couple, both grantors, the trust would have the same sort of dispositive provisions written into it that would normally be found in a will.
• Privacy: Unlike wills, which become public records during probate, living trusts are private documents. The details of your assets and distributions remain confidential.

How Do I Create A Living Trust?

As creating a living trust involves several key steps, Dorko Wealth & Estate Planning can help you with this process. 

• Draft the Trust Document: Work with a living trust planning attorney to create the trust document outlining terms and conditions.
• Fund the Trust: Transfer ownership of your assets (such as real estate, bank accounts, and investments) into the trust.
• Sign and Notarize: Execute the trust document, often in the presence of a notary public.

To transfer assets to your trust, you will need to change the title of assets to the trust's name. This process can involve paperwork and legal filings, but don't worry—we can assist you. Contact our team today!

Protect Your Assets. Call Our Living Trust Attorneys Now!

If you need assistance when creating a living trust, our Berks County living trust lawyers can draft a document tailored to your specific needs and goals, ensuring that all legal requirements are met.

Our team can also guide you in transferring assets into the trust. We ensure that all aspects of the trust comply with legal and regulatory requirements. 

Take the first step to secure your and your loved ones' future. 

Ready to secure your future with a living trust? Call us at (610) 957-0018 or reach out online today. Our Berks County attorneys at Dorko Wealth & Estate Planning are here to assist you!