What is a trust? While the legal concept of a “trust” dates back to medieval England, the modern view as defined by the Superior Court of Pennsylvania is: “a fiduciary relationship with respect to property, subjecting the person by whom the title to the property is held to equitable duties to deal with the property for the benefit of another person.” While this is the technical definition of a trust, in short, a trust is a complex legal document used as a substitute for a will and therefore potentially avoiding probate which can save time and costs. Trusts are not always right for everyone. You should consult our offices before deciding whether or not to have a trust.
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Trusts can be used for a variety of reasons. Some of these reasons include managing and conserving property, serving as a will substitute, assuring privacy, minimizing probate costs, avoiding ancillary probate, tax planning, providing support for special needs individuals, providing asset protection, achieving charitable purposes, and taking care of pets.
For more information on trusts, please contact our offices.
Check out our article on Revocable Trusts