Pennsylvania Trust Forms - Pennsylvania Irrevocable Trust Form
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Pennsylvania Trust FAQ Irrevocable Living Trust Form
What is a Trust? A Trust is an entity which owns assets for the benefit of a third person (beneficiary). A Living Trust is an effective way to provide lifetime and after-death property management and estate planning. When you set up a Living Trust, you are the Grantor; anyone you name within the Trust who will benefit from the assets in the Trust is a Beneficiary. In addition to being the Grantor, you can also serve as your own Trustee (Original Trustee). As the Original Trustee, you can transfer legal ownership of your property to the Trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.
What is an Irrevocable Trust? A trust created during the maker's lifetime that does not allow the maker to change it.
What is a Revocable Trust? A trust that can be amended and revoked, usually by the person who established the trust. This trust may become irrevocable and unamendable when the only person who can amend or revoke the trust dies or becomes incompetent.
What is a Living Trust? A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
Tips for Preparing Pennsylvania Trust Forms
Legal language is quite complicated and puzzling. To know the nuances, you have to pick up a big thesaurus, devote days studying online, or consult a legal professional. In case you are preparing Pennsylvania Trust Forms, the short definitions below will come in handy and help you save effort and time.
- A grantor is you or the one who generates Pennsylvania Trust Forms. This position can be known as the trustor. Simply speaking, this individual dictates on what terms they pass their property.
- A corpus of a document is belongings that a grantor transfers via an irrevocable or revocable trust. Utilizing Pennsylvania Trust Forms, you can hand over real estate property, personal property like a bike, jewelry, boats, stocks and bonds, and items without having a title such as a stamp collection.
- A trustee is someone that deals with the assets. You could be a trustee if you like and maintain your deals in order. Nevertheless, you need to include a successor trustee to trust files who will dispose of your estate in case of your incapacity or death.
- In accordance with the terms of the trust agreement, beneficiaries are those who get all of the assets that the grantor included. Usually, the beneficiaries are the kids or relatives of the trustor, but this is not mandatory.