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Living Trust for Individual Who is Single, Divorced or Widow (or Widower) with Children - Pennsylvania

Living Trust for Individual Who is Single, Divorced or Widow (or Widower) with Children - Pennsylvania 2025

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The document is a Revocable Living Trust Agreement established in Pennsylvania, outlining the terms under which the Trustor creates a trust for their benefit and that of their children. It details the appointment of trustees, management of trust assets, powers granted to trustees, distribution of assets during the Trustor's lifetime and after death, and provisions for incapacity. The agreement emphasizes the Trustor's rights to amend or revoke the trust and specifies how assets will be managed and distributed among beneficiaries.

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What assets are exempt from probate in Pennsylvania?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

Does a living trust avoid inheritance tax in PA?

Establishing and maintaining a living trust often involves a substantial amount of paperwork. Unlike a will, which may be simpler to execute, a living trust demands meticulous attention to detail and ongoing documentation. Maintaining accurate records is crucial for the success of a living trust.

How does a living trust work when one spouse dies?

Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.