The Importance Of Establishing Wills And Trusts
At Rick Law, our attorneys can help you craft a will and one or more trusts as part of a comprehensive estate plan. We are a trusted source of estate planning guidance for individuals and families in Pottstown, Reading, and throughout surrounding Pennsylvania communities.
Last Will And Testament
Many people think they are too young to have a will, but if you have any assets at all, and especially if you have minor children, it is a wise and relatively simple step to establish one. By creating a last will and testament, you can provide clear directions as to how you want your wealth and assets to be distributed in the event of your death. A will also allows you to designate a trusted person to serve as the guardian of your minor children and a personal representative to manage the administration of your estate.
Protecting Assets With Trusts
Trusts perform a number of asset protection functions, and come in many forms. Some of the many types of trusts include:
- Revocable trust is a trust that can be amended at any time.
- Irrevocable trust cannot be amended. Typically used to limit estate tax liability.
- Special needs trust allows you to supplement the income of a person who has special needs and is reliant on government benefits.
- Testamentary trust is created as part of the will and only goes into effect upon the death of the grantor.
- Bypass trust allows married people estate tax credits in bequeathing assets to their heirs.
- Charitable trust allows you to set aside wealth and assets for a favored charity.
Our lawyers will work with you closely to craft an estate plan uniquely tailored to your needs, wishes and family dynamics.
Discuss Your Estate Planning Needs With An Experienced Attorney
To learn more about wills, trusts and other estate planning instruments and how they can help you achieve your financial goals, contact our law offices today online or by telephone at 610-850-9036.