Protecting Your Legacy With Wills And Trusts
Wills and trusts are the basic building blocks of an estate plan. They can be used to provide for your loved ones, minimize inheritance taxes and create an enduring legacy for your family.
If you are ready to complete your will or establish a trust here in Pennsylvania, our experienced attorneys at Silverman, Tokarsky & Forman, L.L.C, can help you explore all your options. Whether your estate is fairly simple or highly complicated, they will help you achieve your goals.
What Is The Difference Between A Will And A Trust?
A will is the most basic part of an estate plan. It is a legal document that outlines how your assets and properties should be distributed after your death. Wills have to go through the probate process so that the will itself can be validated, your final debts will be paid and your assets will be distributed.
In comparison, trusts are legal entities that are used to hold and manage assets for the benefit of specific individuals, entities and causes. Unlike wills, they bypass probate, which means that they allow for a faster, more private distribution of assets. They also offer incredible flexibility and superior asset protection against creditors and challenges.
What Are Some Common Types Of Trusts?
Trusts are nearly endlessly customizable. They come in two basic forms: revocable and irrevocable. A revocable living trust is created during a grantor’s lifetime and can be altered at any time before their death. An irrevocable living trust cannot be changed once it is created.
Some common trusts include:
- Testamentary trusts
- Charitable remainder trusts (CRTs)
- Charitable lead trusts (CLTs)
- Special needs trusts (SNTs)
- Family limited partnerships (FLPs)
- Qualified personal residence trusts (QPRT)
- Dynasty trusts
- Spendthrift trusts
These are just some of the examples. The right choice of trust will depend on your financial situation and your goals.
Do Not Leave Your Loved Ones Without Directions
If you are over 18 years of age, you should have a basic estate plan and a will set in place. If you have significant assets, it is time to think about tax-mitigation strategies and a more enduring plan for your family’s future through one or more trusts.
Whatever the size of your estate is, our lawyers at Silverman, Tokarsky & Forman, L.L.C, can guide you. They will do their best to eliminate any confusion in the process and make it easy. Call 814-536-8600 or contact us online to schedule your appointment. Our offices are in Johnstown, Somerset and Windber.