Revocable Living Trusts

Using Revocable Living Trusts in Your Estate Plan

Revocable living trusts are estate planning documents that shift ownership of assets and property into a trust. Created during a person's lifetime, they can be used as a central part of an estate plan. One primary goal of this trust agreement is to avoid costs and time associated with the probate process. Another major benefit of revocable living trusts is that they are difficult to challenge in probate litigation.

The Philadelphia, Pennsylvania, Law Office of Adam S. Bernick frequently uses revocable living trusts as part of the comprehensive estate plans we develop for our clients. In particular, we often use these trusts for clients who believe their bequests will be disputed, and for those who have substantial assets.

Our lawyers are happy to review your assets, answer your questions about estate planning, and provide advice about whether a revocable living trust should be part of your estate plan. To schedule a complimentary consultation with estate planning attorney Adam S. Bernick, call 215-563-8783 or use our online contact form.

Basic Information About Revocable Living Trusts

Unlike a will, a revocable living trust is a legal instrument that allows you to make bequests during your lifetime. You fund the trust, and you are a trustee during life, during which time you make disbursements from the trust according to your own wishes. When you set up the trust, you name a successor trustee who will continue to make disbursements to your named beneficiaries upon your death.

Revocable living trusts are often substantially more cost-effective than wills because you save the filing fees, executor fees and legal fees associated with probating a will. A revocable living trust can also create cost savings when structured to minimize exposure to estate taxes.

Revocable living trusts are also substantially more difficult to challenge in court than are traditional wills. The primary reason for this is the fact that they are funded and used during the creator's lifetime. By using the trust, the creator demonstrates that it was created without duress and according to his or her own wishes.

Contact a Bucks County Trust Agreement Lawyer

If you have questions about revocable living trusts, we welcome you to contact us to speak with a Philadelphia revocable living trust attorney. To schedule a complimentary appointment, call 215-563-8783 or contact our estate planning law office online.