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Including revocable trusts in estate plans

| Mar 6, 2019 | Estate Plans |

Pennsylvania residents can use a revocable trust to bolster their estate plans. A revocable trust will continue indefinitely, ensuring the deceased grantor’s wishes regarding the handling an estate are honored. If the grantor is also the trustee of the trust, the provisions should address who should be the successor trustees after the grantor dies.

A revocable trust can be used as an instrument of protection against beneficiaries’ creditors. The assets that are held by the trust can be protected from creditor suits, divorce, investment debts, litigation judgments and more. The protection can be implemented by preventing the beneficiaries from being able to withdraw the trust’s principal, while allowing them to receive an income and other financial support for maintenance, health and education as deemed appropriate by the trust provisions.

For blended families, the inclusion of a revocable trust in an estate plan can prove to be beneficial as well. Complications can arise in cases in which each spouse bring assets into the marriage and have children from other relationships. It is ideal to take the time and address the distribution of assets while both spouses are able to voice their wishes, instead of having to tackle the issue when one spouse dies.

The use of revocable trusts is also ideal for people who what to make sure that the favorite charitable causes are able to benefit from the proceeds of their estate for years to come. The trust can be fashioned to distribute any assets that remain after the death of the beneficiaries.

Estate planning attorneys may assist clients with creating the necessary legal documents that should be included in their estate plans. The attorneys may consider the type of assets a client has and may suggest certain types of trusts, such as a revocable trust, to protect those assets for future generations.