Estate Planning & Elder Law Attorneys Serving Upper St. Clair

Should Upper St. Clair families use a revocable living trust instead of a will?

For many affluent families, a revocable living trust is worth considering. Assets titled in the trust can pass to your beneficiaries without going through probate, which keeps the process more private and can be faster. A revocable trust is also favored for blended families and if property is owned in more than one state. A last will and testament will still be part of the plan, usually as a “pour-over” will that catches anything left out of the trust, and where you name guardians for your children. A revocable trust does not eliminate Pennsylvania inheritance tax, so an Upper St. Clair estate planning attorney can help you weigh the benefits against your family’s goals and the size of your estate.

We created a revocable trust. Why do we still need to “fund” it?

A trust only controls the assets that have been moved into it. Funding means retitling your home, bank and brokerage accounts, and other property in the name of the trust, and updating beneficiary designations on life insurance and retirement accounts so they work with your plan. Many families sign trust documents but never complete this step, which can send assets back through probate and defeat the purpose of the trust. An estate planning attorney can walk you through funding and review your plan periodically as your assets, children, and goals change.

Our kids are heading to college and my parents are aging. What legal documents should our Upper St. Clair family have in place?

Once a child turns 18, parents generally lose automatic authority to see medical information or make decisions in an emergency. A healthcare power of attorney, HIPAA release, and durable power of attorney for your college student let you step in if needed. For your own parents, a durable power of attorney, healthcare power of attorney, living will allow you to help them without going to court for a guardianship proceeding. Many Upper St. Clair families are in the middle of both situations. An elder law attorney can also explain long-term care costs and Medicaid planning options for your parents, so they can protect their home and savings while continuing to plan for your own family.