There are many different reasons to include trusts in an estate plan. These legal documents can be utilized to protect funds from the creditors of recipients and from being split up during a divorce. A trust could also manage and regulate investments and spending so that beneficiaries with faulty judgment may not squander the assets. Furthermore, trusts can hold assets that will serve as financial support should a settlor become incapacitated, hold life insurance policies and manage funds that can't be easily divided.
Looking out for their children's best interests, many parents in Pennsylvania put a sizeable amount of money in a trust that will provide for generations to come. However, these same parents may elect to keep the existence of this trust hidden from their children till they grow up. Parents who choose to do this are trying to keep their children from becoming too spoilt or wasting their time pursuing frivolous goals.
While many people in Pennsylvania may not expect that they have much in common with George and Barbara Bush, the couple's passing may lead people to consider some factors that could be important for planning their estates. It is a known phenomenon for long-term, older married couples to pass away in quick succession. Sometimes called "broken heart syndrome," the widow or widower may die shortly after their spouse passed away. In the case of the Bushes, George Bush died less than eight months after his wife Barbara's death.