One of the most important things that a person who owns property or has assets can do is to make sure that they provide clear instructions about the disposition of that property when they are gone. Having a well-executed will or trust gives you the peace of mind of knowing that your wishes are clear and that you’ve minimized any anxiety, stress or lack of clarity for those who are left behind. James P. Peters is an experienced attorney who has extensive knowledge and experience in preparing wills and trusts for clients who come from a wide variety of backgrounds. He can also assist you with other financial and legal documents that can assist you in protecting and planning for your future, including establishing a durable power of attorney and writing an advanced health care directive. Contact our office today to see how we can make the process easy for you as well.
Wills and trusts are two different legal instruments that people commonly use to accomplish their financial goals, as well as to ensure that they have the opportunity to shape their legacy. A will is a document that spells out exactly how you want your property distributed and disposed of, and can be a very simple and straightforward document or can be multi-layered and complex. As for trusts, there are two distinct types of these documents, one of which is put into place during the subject’s lifetime and the other that is constructed in a way that is similar to a will in that it does not take effect until after the grantor has died.
When you establish a living trust, you choose whether it is to be revocable and provides you with continued control over your assets, or irrevocable, which does not allow you to make any modifications by has the advantage of preventing outsiders from laying claim to your assets. An irrevocable trust can also reduce your tax burden. Whichever option is chosen has the benefit of not needing to go through the probate process. If you choose to establish a testament trust it offers many of the same advantages in terms of protecting your assets, but it does not go into force until after you have died.
The idea of setting up a will or trust and making arrangements for the possibility of future disability are all activities that people have a tendency to set aside for another time, but taking care of these tasks provides you with the peace of mind of knowing that you have taken care of the future for your assets and for your loved ones. Contact James P. Peters to set up an appointment to discuss your plans for the future. We provide legal counsel in Delaware County, Montgomery County, Chester County and Philadelphia County, as well as many other locations throughout the Commonwealth of Pennsylvania. Working with James P. Peters means that you are working with a compassionate, competent attorney who truly cares.