Should You Have a Trust
Trusts are commonly used by Bucks County residents in their estate plans. A trust is a legal entity which is governed by a document, sometimes called a deed of trust in Pennsylvania. Revocable trusts have become very popular in recent times.
Trusts can be used for many different purposes in PA, including avoidance of probate, protection, tax avoidance, asset protection from creditors or divorcing spouses, providing for minor incompetent children, charitable purposes, and many other reasons.
A trust is created by a person or entity known as a grantor or a settler. In the trust document or deed of trust, the grantor will name a trustee. A trustee is the person in charge of the operations or administration of a trust. Trusts can be perpetual or terminate on a specific date or event.
Michael J. Saile, Esq. was appointed to and currently serves on the Pennsylvania Joint State Government Commission. This group of attorneys, judges, and legislators has drafted the new Pennsylvania Uniform Trust Code. The PA Uniform Trust Code is now Pennsylvania law and governs all trusts in Bucks County, PA.
Similar to estate administration in Bucks County, there are many duties of a trustee during the administration of a trust. Trustees, like executors, are charged with fiduciary duties to the beneficiaries of the trust.
Beneficiaries of a Bucks County trust are entitled to regular updates on trust operations. A trust beneficiary can demand an accounting to be produced by the trustee.
If you are interested in the possibility of setting up a trust or you have been named as trustee of a Bucks County trust, contact the Bucks County trust lawyers at Saile & Saile LLP. If a trustee does not make the proper decision when administering a trust, he or she could be help personally responsible for any wrongdoings.