The
person who places their assets into Your Living
Trust - You
2.
The Trustee
The
Person who controls the assets of Your Living
Trust - You
3.
The Beneficiaries
You
are the beneficiary during your lifetime. Upon
your demise, those whom you have designated
in Your Living Trust will be the beneficiaries.
4.
The Successor Trustee
A
person or persons selected by you who, upon
your demise or incapacitation administers and
distributes the assets of Your Living Trust
in accordance with your wishes.
Common Advantages
of Trusts
A trust is a private
document
The assets contained
in a trust are not subject to probate
Through the use
of a trust, a married couple may preserve both
of their unified estate tax credits
Using a trust,
you may provide for the necessities of life
for a disabled child or adult receiving assistance
from the state
Out of state property
ownership will not be subject to probate when
owned in your trust
When there are
children and estates from a previous marriage,
a trust is considered to be a preferred vehicle
to transfer your assets
Trusts may serve
as an effective "after marriage" agreement
to prevent misunderstandings after your death
Comparison
of a Will vs. Trust
With
or Without Will
Revocable
Living Trust
Expenses
Probate,
Court Costs, Attorney Fees, and up to 15% of Estate
Greatly
reduces the expenses for your heirs.
NONE
Time
Settlement
usually takes 1-3 years
Usually
takes 1-3 months
Privacy
Entire
Estate is public record
Private
and Confidential
Contestability
Easily
Contested
Difficult
to Contest
PA Inheritance Tax
Spouse 0%
Lineal Heir 4.5%
Siblings 12%
All Others 15%
Spouse 0%
Lineal Heir 4.5%
Siblings 12%
All Others 15%
This website
does not claim to give legal or tax advice. As always,
you should consult the advice of a knowledgeable legal
or tax advisor you trust. All of this information is
available at the public library.
All
legal work done by local attorneys.
Registered Representative of and Securities offered through QA3 Financial Corp., Member
FINRA/SIPC
