What Does A Trust Do?

A trust is an important tool in the estate planning toolbox that can do a variety of things depending on its purpose, such as protecting assets, helping a minor or a family member with special needs, or even provide for your pet. asset protection vehicle that allows a person to avoid probate for their heirs. It additionally has significant tax benefits. It’s a very important tool in the estate planning toolbox.

Since 1952, Sikov and Love, P.A., has served as a caring legal adviser and dedicated advocate in elder law and estate planning efforts. We care deeply for our clients across Pittsburgh and do everything we can under Pennsylvania law to help them carry out their wishes. As estate planning lawyers, we have helped many clients develop trusts to take care of minors or children with special needs, to provide for charities, or to protect assets.

How Does A Trust Work?

We already talked about the usage of trust, but the way it works is quite fascinating as well. A Trust is a complete legal entity. It has a trustee (or trustees) who administer it, as well as beneficiaries who can benefit from the Trust or receive payments from it.

As a separate legal entity, it may not be considered as your asset for certain purposes.  So when you assign assets to it, you are technically not the owner. You may still be allowed to receive income from the Trust, even if you cannot touch the assets themselves.

Should You Choose A Trust?

Whether or not a trust is the right option for your estate plan is a personal decision. It may allow significant assets to pass without going through probate.  It may protect assets from having to pay for long-term care.

A trust can be in any shape or style you choose, but whether a Trust is right for you is something you should discuss with us.  As your attorneys, we will walk you through all the most important aspects of trusts, so you make the right decision.

Experienced Estate Planning Attorneys On Your Side

The firm’s decades of experience and respected reputation mean you can put your trust in us to help you make smart decisions. We’re here to provide you with information and answers when and how you need them in ways you can understand. Contact us by phone at 412-567-1236 or send us an email to get started today.