When it comes to estate planning, Pennsylvania residents have numerous options. One of them involves using a revocable living trust. This particular document remains popular with individuals and married couples for a variety of reasons.
Most people are aware that by putting property into a trust, it does not need to go through probate upon the benefactor's death. This provides one of the major distinctions between passing property through a will versus through a trust. Another distinction is that the assets in the trust are not counted as part of the decedent's estate for tax purposes. In addition, the details of the trust remain private, whereas the details of a will may be discovered through a search of court records.
A revocable living trust also provides a way to plan for incapacitation. A successor trustee can step in and take over the management of the assets and the administration of the trust if the creator of the trust, who usually also serves as the trustee, becomes unable to make decisions due to an injury or illness. However, it will be necessary to address the possibility of mental disability in the trust in order to avoid any unnecessary delays or issues.
Even though a revocable living trust can provide substantial benefits to a Pennsylvania resident, that does not mean that a last will and testament is not needed as well. A will still serves an important function in an estate plan, so it may not be a good idea to forego one. A certain individual may also need other documents to make sure that a plan is comprehensive and covers all of the concerns, issues and wishes that may arise.