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Estate planning and the revocable trust

| Feb 4, 2020 | Estate Planning

Many Pennsylvanian’s put off estate planning for a number of reasons. Some are simply afraid to confront their own mortality while others are concerned about perceived complexities that may arise throughout the process. However, most people find that a burden is lifted off their shoulders once they muster the courage to create an estate plan. One of the big reasons why is because the estate planning process can be custom-tailored to meet an individual’s needs and wishes. The fact that there are several legal vehicles that can be utilized during estate planning help spur this individualized approach.

For some people, the most important estate planning tool is the revocable trust. As its name implies, this type of trust allows its provisions to be changed or revoked at any time during the life of its creator. Only once the trust’s creator passes away does it become irrevocable. During its revocable period, the assets in this type of trust generate income that is distributed to the individual who created the trust. Then, upon that individual’s passing, the assets may be distributed to named beneficiaries.

Revocable trusts, just like estate planning in general, can be molded quite extensively to meet an individual’s needs and wishes for the future. Beneficiaries can be changed, the terms of asset distribution can be modified, and the entire thing can be rescinded, and the estate plan reworked if so desired. In other words, those who choose to utilize a revocable trust have a lot of flexibility while they continue to earn income from their trust assets.

Many fear that estate planning is going to be too complex and cumbersome. This doesn’t have to be the case. Instead, Pittsburgh-area residents can work closely with an experienced legal professional who knows how develop iron-clad estate plans that are uniquely crafted to meet each client’s needs.