King of Prussia's Leading Revocable Living Trust Attorney

Estate planning, such as a revocable living trust, is not just for the extremely wealthy.  Getting expert advice on this topic is essential, and if you live near eastern Pennsylvania, Miller Law Firm can provide it. But what is a revocable living trust?  

A revocable living trust is a legal document that explains what will happen to your assets in the future. The trust lays out what can and cannot be done with your property and other assets during your lifetime, should you become incapacitated, and after your death.  You can change the details of a revocable living trust agreement at any time with the help of a professional estate planning attorney. 

Pros and Cons of Revocable Living Trust

There are many benefits to putting your assets in a revocable living trust agreement.  One of the major benefits is that your estate will not become public knowledge when you die, which it would with a will that has to be taken through court.  A living trust allows those details to stay within the family. Another benefit is that you can still use the assets in the trust while you are alive. A revocable living trust gives you the ability to decide exactly what you want done with your inheritance. It prevents family members from arguing about a will and also includes instructions for how and when minors can access the assets they inherit. 

However, there are both pros and cons of revocable living trust agreements. A trust is more expensive to put in place than a will, as it takes more time, paperwork, and legal help. It also needs to be maintained throughout your life. There is no tax break associated with a revocable living trust, either. Assets placed in the trust can still be used to gain income and will be taxed. They do avoid probate fees, though.  

Reasons to Hire an Experienced Living Trust Attorney 

Estate law in Pennsylvania is complex for the average person. You may know exactly what you want to happen to your main assets. But you need to put those wishes into a legal form acceptable by authorities. A revocable living trust lawyer prepares such documents on a daily basis and knows exactly how to draft yours.

Also, it is not sufficient to look for “living trust lawyers near me”. You must make sure that you select a professional who has relevant experience in:

• Elder care
• Asset protection
• Estate planning
• Tax laws.

All these are key specialties necessary for a living trust attorney to ensure that you can still access your assets during your lifetime and that they pass on to your legal heirs, according to your wishes.

Can You Change Your Mind?

Not everything in life happens as you have planned it. In some cases, you may have to call your living trust attorney and ask to change the document. This can be done at any moment during your lifetime. You can add or remove assets from your revocable living trust as you wish.

“Does it mean that I can call the living trusts lawyers near me and say I’ve changed my mind?” Yes, you remain in full control of your assets at all times. Establishing a living trust does not take any of your rights away from you. Your living trust attorney will explain to you during the first meeting all you need to know and answer any questions you may have.

How Much Does a Revocable Living Trust Cost?

Getting expert legal advice is vital when establishing a revocable living trust.  This advice, of course, does not come cheap. Expect to spend a couple of thousand dollars on understanding and establishing your trust. However, the revocable living trust cost can be worth it if you are certain your attorney is the best. 

Miller Law Firm is an estate planning attorney that can help with revocable living trust agreements and other elder law matters. Make an appointment at one of our locations: 

• King of Prussia, PA 
• Lebanon/Lancaster, PA 

Our services extend to Reading, PA as well. Call us at 855-936-3886.