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Limitations: Requires adherence to trust document's instructions on asset assignments. Joint assets, including certain IRAs and retirement plans, cannot be placed into a one-person trust. No complete tax avoidance: Total avoidance of taxes is rarely possible with living trusts, though there may be ways to reduce them.

Living trusts in Pennsylvania You can select anyone to be your trustee, but most people choose themselves. A successor trustee is also named to step in after your death, take over management of the trust, and distribute the assets to the beneficiaries ing to the terms you have established.

When you create a Revocable Trust, you are referred to as the settlor of the trust. The Revocable Trust instrument itself is drafted by a Pennsylvania estate planning lawyer. The Revocable Trust document names trustees as well as beneficiaries, who will receive the trust assets upon your death.

A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more. Online services like Snug can provide a more affordable alternative to traditional legal services, offering estate planning services, including trusts, at a lower cost.

Whether you're single or married, how sophisticated the trust needs to be, and the state you live in, you'll probably pay an attorney between $1,500 and $2,500 to create your trust.

To make a living trust in Pennsylvania, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.