You need a comprehensive estate plan. A well-crafted estate plan may include both a will and a trust (or multiple trusts). If you are getting started with estate planning, it is important to understand that wills and trusts are distinct estate planning tools. At Keystone Elder Law P.C., we are proud to provide truly comprehensive estate planning services to people and families. In this article, our Mechanicsburg estate planning lawyer explains the key things that you should know about the differences between wills and trusts.
Your Will Control What Happens After You Die
The time to write a will is now. Every adult in Pennsylvania should have a legally valid will in place. With that being said, a last Will and Testament takes effect only after death. It directs who receives your property, who manages your estate, and who will care for minor children. In Pennsylvania, a will must meet the formal requirements in 20 Pa. C.S. § 2502. The law requires it to be written, signed, and witnessed under clear intent. Without it, state intestacy law decides everything for you. A will should name an executor to handle debts, taxes, and the probate process.
Trusts Can Operate Both During Life and After Death
A trust is a separate legal arrangement. You, as the grantor, transfer property to a trustee who manages it for beneficiaries under the terms you set. A revocable living trust is the most common type. It takes effect immediately and can be changed or revoked anytime. When properly funded, it allows assets to pass outside of probate. One big advantage of a trust is that it can be used to keep your affairs private. Other trusts, such as irrevocable trusts, can protect assets from creditors or reduce estate tax exposure. A trust can be a great supplement to a will for many people.
An Estate Plan Should Be Customized to Meet Your Needs
A one-size-fits-all approach to estate planning is not good enough for you and your family. Indeed, the most effective estate plans often use both of these tools together. If you opt to set up a trust (or multiple trusts), your will covers what is not titled in the trust. You may want to consider a pour-over will which can be used to ensure anything left out of the trust gets transferred into it at death. For Pennsylvania families, the right mix depends on goals: simplicity, privacy, or asset protection. Our Mechanicsburg estate planning attorney can help you set up a plan that protects your rights, protects your family, and achieves your goals.
We are Leaders in Estate Planning in Central Pennsylvania
At Keystone Elder Law P.C., our Mechanicsburg estate planning lawyer has experience with wills and trusts. If you have any questions or concerns about your options, we are here to help. Call us at 717-697-3223 or contact us online for a fully confidential consultation. From our Mechanicsburg office, we handle estate planning matters throughout the wider region.