Question:
I live comfortably on my investments and retirement income. My sons are grown and only one of my grandchildren is under the age of 18. While my permanent residence is in Pennsylvania, I own real estate is several other states. How can I best set up my estate for ease of administration for my sons and grandchildren?
Answer:
This is where a funded Revocable Living Trust is ideal. There are many reasons to consider a Revocable Living Trust, one of which is when there is ancillary real estate, ie. real estate in more than one state. The use of a Will when you own real estate located in more than one state requires the filing of additional probate documents with each of the local probate courts. Local counsel usually must be retained in each of those additional jurisdictions. If the additional real estate is held in a Revocable Living Trust, however, the costs associated with these ancillary estate administrations may be reduced or avoided altogether. It would also be wise in your situation to provide for a trust for your younger grandchild and let your son, the child’s father, serve as the Trustee. These instructions can be provided in your Revocable Living Trusts.
If you want to know more about Revocable Living Trusts: The Pros and The Cons - The Reasons for Revocable Living Trusts and Whether They Address the Needs of You and Your Family CALL (215) 321-4033.
I live comfortably on my investments and retirement income. My sons are grown and only one of my grandchildren is under the age of 18. While my permanent residence is in Pennsylvania, I own real estate is several other states. How can I best set up my estate for ease of administration for my sons and grandchildren?
Answer:
This is where a funded Revocable Living Trust is ideal. There are many reasons to consider a Revocable Living Trust, one of which is when there is ancillary real estate, ie. real estate in more than one state. The use of a Will when you own real estate located in more than one state requires the filing of additional probate documents with each of the local probate courts. Local counsel usually must be retained in each of those additional jurisdictions. If the additional real estate is held in a Revocable Living Trust, however, the costs associated with these ancillary estate administrations may be reduced or avoided altogether. It would also be wise in your situation to provide for a trust for your younger grandchild and let your son, the child’s father, serve as the Trustee. These instructions can be provided in your Revocable Living Trusts.
If you want to know more about Revocable Living Trusts: The Pros and The Cons - The Reasons for Revocable Living Trusts and Whether They Address the Needs of You and Your Family CALL (215) 321-4033.
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