Trusts and estates: which is right for you?
We provide expert legal advice for your family’s future by helping make the tough decisions when it comes to managing your loved ones assets.
Trusts and estates are the two main legal structures for transferring assets to heirs and beneficiaries. The laws for trusts and estate planning are governed by the Pennsylvania Probate code, setting forth the rules for how they are created, administered, and terminated. They tend to be very complex, making it all the more important that everything is done correctly in order to avoid any serious obstacles down the road.
But what exactly is the difference between a trust and an estate?
A trust is a legal arrangement in which someone holds property for the benefit of another person. They allow you legal control over how and when beneficiaries receive inheritance money. Trusts can also be used for a variety of purposes, including avoiding probate, saving taxes, and protecting assets from creditors. An estate is a person’s property, including real estate, personal property, and financial assets. They provide more protection for their funds by protecting them from specific threats like creditors seeking repayment in a bankruptcy proceeding.
If you are considering creating a trust or estate in Pittsburgh, it is important to consult with a dedicated team of lawyers to ensure that your arrangement complies with the laws and regulations. We’ll work with you to understand your unique needs and objectives, while helping you create a plan that meets your goals. With the help of one of our trusted lawyers, you can ensure that your trust or estate is well-planned and protected.
Contact Scanlon Law Group Today
Contact us today at 412-523-3330 or fill out the form to your right to get started with your free consultation and to learn more about how we can help you with your planning needs. We’re here to answer any questions
