There are many different kinds of trusts, and trusts can serve many different purposes. Some trusts are created during the life of the person who creates the trust (known as the “Settlor”). They are called “inter-vivos” or “living” trusts. Other trusts are created under the Will of a testator. They are called “testamentary” trusts, and don’t come into effect until the testator dies. A revocable living trust can be used to avoid probate, either in whole or in part, depending on whether all of the probate assets of the Settlor are titled to the Trust before the Settlor dies. A testamentary trust, on the other hand, requires probate of the Will before the testamentary trust can be established and funded. However, regardless of the type of trust, Pennsylvania’s version of the Uniform Trust Act (“UTA”) requires trustees to comply with various requirements. Failure to do so can result in substantial penalties.
At Drake, Hileman & Davis we have the experience and expertise necessary to handle the administration of all kinds of trusts, including living and testamentary trusts.
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