INDUSTRY INSIGHT LEGAL INSIGHT
INDUSTRY INSIGHT LEGAL INSIGHT
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COVELLI & PISCIONE LAW OFFICES , P . C .
ADMINISTERING A REVOCABLE TRUST IN PENNSYLVANIA
Recently , Revocable Trusts have experienced a surge in popularity . Articles , Podcasts , Blogs and Online Videos all tout the horrors of “ Probate ” and emphasize the need to establish a Revocable Trust immediately .
However , not all “ probate ” is created equal , and the process for administering a Trust and a Probate Estate is unique to each individual state . So , before you decide that you must have a trust , consider the realities of administering a Revocable Trust in Pennsylvania . Also , if you are the Beneficiary or the Trustee of a loved one ’ s Revocable Trust , you should be familiar with the trust administration process to ensure that the Trust is being or has been properly administered .
The person who creates a Revocable Trust is known as the Settlor or Grantor of the Trust . Within 30 days of the date of death of the Settlor , the Trustee has a legal obligation to notify the decedent ’ s personal representative , spouse , children , and all trust beneficiaries .
Creditors have the same rights against the assets held in a Revocable Trust as they do against the individual assets of the Settlor . The Trustee must advertise the Trust ’ s existence and the Trustee ’ s contact information , if no personal representative is appointed , within 90 days after the Settlor ’ s death . Trust funds can also be used to address final expenses ,
the costs of administration of the Settlor ’ s Estate , and other related expenses if the Estate is insufficient to address these costs .
Additionally , assets held within a Revocable Trust are still subject to Inheritance Tax , as the Settlor retained the power to alter , amend , or revoke the interests granted thereunder until the time of their death .
Trusts offer greater privacy , less judicial oversight , and potentially fewer formalities for your fiduciary . However , they are not a “ one size fits all ” solution for every individual ’ s estate planning . Natalie Piscione , Owner of Covelli & Piscione Law Offices , says , “ We often see clients who are interested in Living Trusts , but ultimately decide that a Trust does not confer the same benefits in Pennsylvania as it may in other states . Further , Trustees often are surprised to learn that they may have missed crucial steps or were unaware of their fiduciary obligation after their loved one passed away .”
If you have an existing Trust and are not sure what the terms are , how it ’ s funded , or what protections it offers , or are considering a Revocable Living Trust as part of your Estate Plan , or currently serving as a Trustee , the team of experienced Attorneys at Covelli & Piscione Law Offices are your local , knowledgeable source of information for Trust-Related Topics .
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys , and has been providing Estate Planning and Estate Administration legal services for nine years . The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law . For more information , call 412.653.5000 or visit covellilaw . com .
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