Honesdale Trusts Attorney
If you have significant assets in your name (significant meaning a home, vehicles, a business, family jewels, artwork, etc.), it may be time to consider your estate planning needs. While you could opt for a standard will, a trust might be more suitable to your long-term goals. At Farley & Bernathy LLC, we help residents throughout Wayne County with their estate planning needs. If you are looking for a way to provide for your loved ones now and in the future, talk to our Honesdale trust attorneys about establishing a trust today.
Benefits of Trusts Over Wills
A will is a legal document that directs your property and assets to certain individuals or organizations in the event of your death. Such a document appoints a legal representative to carry out your wishes. A will must go through probate before assets can be distributed, which is often a time-consuming, messy, and costly process.
Trusts, on the other hand, allow individuals to pass assets to beneficiaries without having to go through probate. They can also be used as tools for asset management for when the creator is still alive, and to hold assets for as long as the creator wishes, which is beneficial for passing down large inheritances to minor children or young adults. Trusts can also be used to pay beneficiaries a set income over the duration of their lives, or to allow beneficiaries to receive whatever is left over once the first set of beneficiaries passes away.
Types of Trusts
At Farley & Bernathy LLC, our knowledgeable attorneys assist clients with setting up a variety of trusts. We also advise and assist surviving trustees with the administration of trusts for estates of all sizes, as well as ensure that trustees fulfill their fiduciary duties. Some types of trusts that our Wayne County trusts attorneys have experience in creating including the following:
- Living Trusts
- Revocable Trusts
- Irrevocable Trusts
- Charitable Remainder Trusts
- Asset Protection Trusts
- Generation Skipping Trusts
- Simple Trusts
- Complex Trusts
- Life Insurance Trusts
Living trusts, revocable trusts, irrevocable trusts, and simple trusts are the most common types of asset management tools. However, you may benefit from any of the other less common or even controversial trusts, such as asset protection trusts, which protects assets from a grantor’s creditors. Though Pennsylvania does not allow asset protection trusts, you may be able to set one up in a nearby state that does, such as Delaware, Rhode Island, or New Hampshire.
Our Wayne County Trusts Attorneys Are Prepared to Help With Your Estate Planning Needs
The trust creation process can be complex and overwhelming, especially if you have significant assets. A skilled and compassionate Honesdale trusts attorney can guide you through the legal process and help you create the type of trust that allows your assets to be transferred to your beneficiaries after you die and in accordance with your wishes.
Whether you wish to create a will, trust, or other estate planning document, contact our Honesdale trust attorneys today for the personalized assistance you need and deserve. Call Farley & Bernathy LLC today to schedule your initial consultation.