When you reach retirement age, you may begin thinking substantially about the many assets you have acquired throughout your lifetime. You know that you want to gift specific assets to certain loved ones, but you are unsure whether a permanent or changeable trust will prove best for your situation.
Two types of trust exist in Pennsylvania for allocating assets to your family members and close friends. Both revocable and irrevocable trusts have benefits, but they both provide peace of mind to those that enact a trust. Creating a document that protects and allocates your assets constitutes a responsible decision, so you and your beneficiaries can find comfort in knowing your property lies securely in a legal documentation. When developing a trust, it may prove beneficial to utilize the expertise of an estate planning attorney, so that he or she can help you in determining the best trust for your unique situation.