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West Chester Pa Trusts Lawyers
A living trust allows you to place assets under the care of a trustee who then distributes them to your beneficiaries in accordance with your wishes. A living trust, in contrast with a testamentary trust, comes into existence while you are still alive. Pennsylvania’s trust law is based on the Pennsylvania Uniform Trust Act.
Pa Trust Parties
Three parties are required to create a living trust: The settlor, or trustor, is the party who creates the trust, sets its terms and deposits assets into it. The trustee is the person that administers the trust in accordance with the terms you, as the settlor, have set. You may appoint yourself as the trustee. Beneficiaries are the persons or organizations you appoint to receive the trust assets. A trust may include other parties as well; for example, you may name either a successor trustee or a trust protector whose sole function is to hire and fire trustees.
Pa Trust Creation
A living trust is created when you draft and sign a Declaration of Trust. The Declaration of Trust identifies the parties to the trust, specifies whether it is revocable or irrevocable, and tells the trustee how to distribute trust assets. The Declaration of Trust may give the trustee specific instructions on how to distribute the trust’s assets or allow the trustee broad discretionary authority. For example, the trustee may be permitted to invest the trust assets and distribute only capital gains to the beneficiaries. If the trust is revocable, as most are, you may modify or terminate it at any time. Pennsylvania, unlike many other states, allows you to modify or terminate a living trust, even an irrevocable one, if you can secure the unanimous consent of the beneficiaries.
Pa Probate
The assets of a Pa Living Trust are not subject to the Pennsylvania Probate process. The Pa Trustee may immediately distribute trust assets to beneficiaries to the extent expressed in the trust document grants him the authority to do so. Assets may be distributed without seeking approval from the estate executor or probate court.
West Chester Pa Practice Areas
John provides a full range of services for Pa Wills: drafting, review, amendment, revocation, execution and probate. He provides reliable guidance for testators and executors.
His experience in the probate court, resolving issues related to the validity of wills, enables him to provide practical advice for testators from all walks of life. Similarly, his work in the formation of wills gives us keen insight into how executors should interpret various aspects of a will that may initially seem unclear.
Whether you are a testator formulating an estate plan or an executor implementing a decedent’s wishes, John B. Whalen, Jr. Esq. can simplify many complex aspects of the tasks before you.
He offers pertinent and personal legal advice to obtain the results you need in a timely manner with the least stress possible. Once executed, your will remains your final statement of your intentions until you amend or revoke it.
He recommends reviewing your will every three to five years and updating it to reflect your current wishes.
West Chester Pa Beneficiary Lawyers
There are many factors that can affect the distribution of estate assets. In some cases, there may be a Pa Will that identifies you as a beneficiary; in other cases, there may not be a will at all. In still other cases, there may be a dispute involving the administration of the estate. For example, a beneficiary may disagree with how the executor or personal representative is distributing assets.
West Chester Pa Estate Administration Lawyers
Pa Estate Administration is the process of settling a decedent’s affairs. When a loved one passes away, it can be an emotional time. In addition to grieving their passing, those that survive them must tie up all the legal and financial loose ends related to their life and estate. This includes addressing their Pa Last Will and following its instructions.
West Chester Pa Estate Lawyers
Pa Estate law comprises many areas of law. However, all of these areas of law focus on taking care of one’s person and property. Estate law is all of the laws that impact how a person makes decisions and issues directives about their personal affairs. A Pa Estate is anything that makes up a person’s net worth. Very simply, an estate is what a person has in their own name alone.
West Chester Pa Estate Litigation Lawyers
Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.
West Chester Pa Estate Planning Lawyers
An attorney who specializes in Pa Estate Planning can help you create a complete plan (including Pa Last Wills, Pa Powers of Attorney, and Pa Living Wills, etc.) to protect your spouse and children if you become unable to manage your financial affairs. Pa Estate Planning allows you to make decisions now so your wishes can be carried out if you die or become incapacitated.
West Chester Pa Powers of Attorney Lawyers
When you execute a legal document called a power of attorney, you are authorizing another individual to make certain decisions on your behalf. The person who signs the document is called the principal and the person who is authorized to make decisions is known as the agent or attorney-in-fact.
West Chester Pa Living Wills Lawyers
Living wills are also referred to as an advance directive or a health care directive. It is a legal document that communicates your desire in the treatment of serious medical problems in the event that you are unable to speak for yourself. They do not go into effect unless you are incapacitated and unable to express yourself. Having a living will can relieve your close relatives from the burden of having to make the decision about whether to remove you from life support.
West Chester Pa Trusts Lawyers
Trusts are legal documents that allow you to control how your assets will be allocated or managed. You are considered the grantor and the person that manages and distributes assets in the trust is known as the trustee. Individuals who receive money or other assets are the beneficiaries.
Property placed in a trust, unlike wills, is not subject to probate. You can also create a revocable trust which can be canceled or revoked at any time while you are alive. Trusts can be set up for a child’s education or to reduce estate taxes.
West Chester Pa Last Wills Lawyers
A Will is an important document to execute in order to avoid disputes about how your assets will be divided when you die. The executor who administers the distribution of assets from your estate will allocate your possessions as you specified. You should periodically review your Will to make sure it is still relevant and accurate. Life changing events, such as the birth of a child or a marriage, may require amendments to the original document.
West Chester Pa Last Wills Contests Lawyers
A loved one’s legacy can ease the pain of loss by reminding heirs of a departed family member’s enduring love. But when questions arise about the validity of a will or the management of estate assets, uncertainty can arouse animosity and prevent closure.
West Chester Pa Estate Litigation Lawyers
Most estates, especially when there is a proper will in place, are easily settled. Yet there are times when other factors complicate the issue, creating a situation that requires more careful consideration. For example, a family business, an estate that is in bankruptcy or an estate that holds significant amounts of real estate may become complicated quite quickly. This is where estate litigation comes into play.
West Chester Pa Estate Taxation Lawyers
When an individual acts in a fiduciary capacity such as a Pa Executor of a Pa Last Will or a Pa Trustee of the financial assets of another person or entity, they have the responsibility of keeping accurate financial records. Those records should show how money was spent, invested or distributed while under the fiduciary’s care and control. Proper accounting can bring to light the mismanagement or bad investment of funds should an issue arise with an interested party.
West Chester Pa Guardianships Lawyers
The Pa Guardianship process can be filled with emotions. Realizing that a loved one is no longer capable of caring for his or her self can be difficult to accept. For the past twenty-five (25) years, Attorney Whalen has built a reputation for providing compassionate legal care for his clients, putting their needs and interests first while navigating emotionally trying circumstances.
West Chester Pa Probate Law Lawyers
The Pa Probate process, itself, is a very simple process. However, it is merely the beginning of the Pa Estate Administration (also known as the Pa Estate Settlement) process, which involves settling a decedent’s affairs, and can (and does) involve many, many other steps, depending on many, many other things.
West Chester Pa Probate Attorneys Guide
The West Chester Pa Probate Attorneys Guide is the core of this website. It consists of the best, most important articles, posts, and pages on this website. Their focus is to provide the best and most complete information on a particular topic, rather than to sell my services.
John B. Whalen, Jr., JD., LL.M., is an AV Peer Review Rated Preeminent 5.0 and Avvo Rated 10.0 Superb (obtaining over 95 client reviews and peer endorsements) premier and prestigious Attorney and Counselor at Law. He is located at 696 Pont Reading Road Ardmore Pa 19003. He serves all surrounding counties, on all 7 days, from 9:00 AM to 10:00 PM, and on evenings, weekends, and holidays. He provides free initial consults all seven days, provides home visits, and provides flat fee structures. He can be reached by email at [email protected], and by telephone at 1-484-417-6244. He has amassed over 60 prestigious and premier professional awards and over 5000 client reviews and endorsements. Mr. Whalen has achieved the AV Peer Review Rated Preeminent award from Martindale, AV Peer Judicial Preeminent award, the Avvo Rated Superb 10.00 award, the Avvo Rated Top Lawyer award, the Clients’ Choice Award, and the Top One Percent (1%) award. Mr. Whalen is the recipient of the Legum Magister Post-Doctorate Degree (LL.M.) in Taxation (from the Villanova University School of Law), a recipient of the American Jurisprudence Award in Wills, Trusts, and Estates (from the Widener University School of Law), and a recipient of the ABA-BNA Law Award for Academic Excellence (from the Widener University School of Law).
