Rotate Legal Pennsylvania Living Trusts Forms For Free

To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.

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.

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.

If you still wish to keep control of it through a single trustee, you may set up an irrevocable trust that will pass it tax-free. That type of trust should be distinguished from a revocable trust, which is still subject to inheritance tax.

Additionally, in Pennsylvania, a revocable living trust does not help reduce taxes. The Pennsylvania Inheritance Tax and Federal Estate Tax are identical, regardless of whether assets are managed through a revocable living trust or under a will.

You'll likely spend a few hundred dollars at most. Additionally, this method is less expensive than hiring an attorney, but DIY estate planning also presents some risks. If you'd rather hire a lawyer, you'll likely spend at least $1,000. This could be a less risky approach than DIY planning, but it'll cost you more.