Establishing Revocable Living Trusts in Pennsylvania for Your Children
Using trusts for children to manage their inheritance is a sound strategy for anyone with a net worth of equal or greater value of $100,000 who wishes to attach certain parameters to the inheritance of an estate, and a revocable lifetime trust (RLT) is an attractive option for those who choose to leverage estate planning to their and their children’s mutual benefit.
An RLT is an alternative to outright leaving money to your children when you pass on; specifically, an RLT arrangement allows you to incrementally pass your assets to your children while you are still alive. Another feature of an RLT is that it can be amended while you are still living.
An RLT can substitute one of the functions of a will by providing valuable information on the intended distribution of assets. Using this feature transfers your estate to your intended heirs more quickly and bypasses certain costs that you would have otherwise incurred through court-supervised probate court.
It also eliminates potential threats and challenges to the estate – a will may be disputed, but you can outline rules that disinherit anyone who challenges the stipulations of your trust.
Learn More about How to Establish Revocable Living Trusts for Children
If you are considering establishing a revocable living trust for the benefit of your surviving spouse, children or other chosen heirs, speak with a Pennsylvania trust attorney about what options, advantages and disadvantages are available to you. Schedule a no-cost consultation with a dedicated estate planning attorney and preserve your legacy – 1-610-933-8069.
References:
http://www.investopedia.com/articles/pf/06/revocablelivingtrust.asp#axzz1rZ2nVDVJ
