Top Philadelphia, PA Family Trust Lawyers Near You
One Logan Square, Suite 2000, Philadelphia, PA 19103-6996
1650 Market Street, Suite 3600, Philadelphia, PA 19103
1800 John F Kennedy Blvd., Unit 1401, Philadelphia, PA 19103
Two Commerce Square, 2001 Market Street, Suite 3100, Philadelphia, PA 19103
130 North 18th Street, One Logan Square, Philadelphia, PA 19103
230 South Broad St, Suite 1100, Philadelphia, PA 19102
650 Sentry Pkwy, Blue Bell, PA 19422
500 Office Center Dr, Suite 400, Fort Washington, PA 19034
13 Davenport Dr, Downingtown, PA 19335
600 W Germantown Pk, Suite 400, Plymouth Meeting, PA 19462
101 Lindenwood Dr, Suite 225, Malvern, PA 19355
935 Second Street Pike, Richboro, PA 18954-1549
653 Skippack Pike, Suite 300-71, Blue Bell, PA 19422
2005 Market St, 32nd Floor, Philadelphia, PA 19103
100 N. 18th St., Suite 1825, Philadelphia, PA 19103
934 High Street, PO Box 696, Pottstown, PA 19464
4 Penn Center, 1600 JKF Blvd, Ste 910, Philadelphia, PA 19103
1581 Main Street, Suite 200, Warrington, PA 18976
1617 JFK Blvd, Suite 1240, Philadelphia, PA 19103
2 Bala Plaza, Suite 300, Bala Cynwyd, PA 19004
1628 JFK Blvd, Suite 901, Philadelphia, PA 19103
850 Cassatt Rd, Suite 210, Berwyn, PA 19312
855 Hillsdale Road, West Chester, PA 19382
162 South Easton Road, Glenside, PA 19038
3500 Reading Way, Huntingdon Valley, PA 19006
Philadelphia Family Trust Information
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What Is a Family Trust?
A family trust is a way to provide for your family in the future and protect assets from creditors. The grantor who sets up the trust can determine how the family member beneficiaries can access assets in the trust. Families can set up different variations of a trust, including:
- An annual allowance
- Lump sum when someone reaches a certain age
- Skip a generation to provide for grandchildren
What Are Some Examples of Situations Where I Might Need a Trust and Estates Lawyer?
Most people think of a trust as something they only need to consider when they pass away. However, a trust can be something you can benefit from during your life and provide for your family after death. Trust planning can help manage property and assets, gain tax advantages, and avoid probate. You should consider a trust when you:
- Have significant financial assets or property
- Have family members with special needs
- Want to distribute assets to charitable groups or religious organizations
- Want to protect your privacy
- Need to preserve assets for minor children
- Have major life changes
How Can a Trust Lawyer Help Me?
An experienced lawyer can give you the backing you need to navigate the legal system and find the best possible results for your case. Because laws are different from state to state, speaking with a lawyer in Pennsylvania is critical in understanding all the elements of your situation and making the best decisions when it comes to your estate planning. A trust lawyer can help with:
- Trust creation
- Asset management and protection
- Estate planning
- Trust administration
- Modification or termination of your trust
- Trust disputes and litigation
What Could Happen if I Don’t Hire a Trust Lawyer?
If you don’t hire a trust lawyer, your assets will pass under Pennsylvania probate laws. Probate can tie up your assets for months or years. If your beneficiaries are fighting over the assets, it can take longer and cost your estate money. With a trust, the property can pass outside of probate. You can also have more control over what happens to your estate after death. If you don’t have a trust, your loved ones may have to deal with:
- Estate taxes
- Delays in probate
- Fighting legal challenges over assets and property
- Property passing through intestacy
What Are the Top Questions When Choosing a Trust Lawyer in Philadelphia?
These questions can help you decide if you feel confident that a lawyer has the qualifications, experience, and ability to manage your trust case. Many trust and estate lawyers offer consultations that allow you to understand your options and get specific legal advice before hiring them. The top questions to ask include:
- What type of trust is most suitable for my situation?
- What are the benefits and drawbacks of creating a trust?
- How can a trust be used to address my specific concerns or goals?
- What is the process for creating and funding a trust?
- How will the trust be administered?
- What are the potential tax implications associated with a trust?
- How much will all of this cost?
Tips for Hiring a Trusts Lawyer
Taking the time to find a lawyer who is right for you and will represent your best interests is an important first step in protecting your finances. Find a lawyer who understands your case, knows your needs and goals, and has the experience to get the best outcome. Things to do:
- Ask for recommendations
- Research lawyers online
- Schedule consultations
- Review experience and expertise
- Talk about billing and fees
- Trust your instincts