Trusts in Pennsylvania

A will and a trust serve different purposes. A will directs how your assets are distributed after death, but it must go through probate, a court-supervised process that can be time-consuming and costly. A trust, by contrast, can hold and distribute assets outside of probate, providing privacy and efficiency. Trusts can also offer protections that wills cannot, such as managing assets for children until they reach a certain age, planning for beneficiaries with special needs, or protecting assets from creditors. Many families benefit from having both a will and a trust (often times both in the case of a pour-over will), since the will can handle appointments of executors and guardians, while the trust manages financial assets. At Chadwick Estate Law, we help determine whether your situation calls for a revocable living trust, an irrevocable trust, or simply a well-drafted will.

A revocable living trust is flexible, meaning you can change or revoke it during your lifetime. It allows you to retain control over your assets while still avoiding probate at death. An irrevocable trust, on the other hand, cannot be easily changed once created. Because assets in an irrevocable trust are no longer considered yours, they may be shielded from creditors, lawsuits, or estate taxes. Each type has benefits and drawbacks: revocable trusts offer convenience and flexibility, while irrevocable trusts provide stronger asset protection and potential tax savings. Choosing the right trust depends on your goals, family needs, and tax situation. At Chadwick Estate Law, we explain these differences in plain language and design trusts that balance control, protection, and efficiency.

A will and a living trust both transfer assets, but they work in very different ways. A will only takes effect after death and must go through the probate process, which involves court oversight and can take months. A living trust, by contrast, is effective immediately and allows assets placed into it to pass directly to beneficiaries outside of probate. Trusts can also provide added protections such as shielding assets for children or planning for special needs. However, most families still need a will alongside a trust to cover guardianship appointments and any assets not placed into the trust. At Chadwick Estate Law, we explain the advantages of each and help you decide what combination is best for your family.

Trustees are fiduciaries—they must manage assets prudently, keep records, provide information, file fiduciary tax returns, and distribute according to the trust. Missteps can cause disputes or personal liability. We guide trustees through inventorying assets, valuations, accountings, tax filings, and beneficiary communications, resolving issues early to avoid court involvement.

Start with your goals. If you want simplicity and probate avoidance, a revocable trust is often best. If you need asset protection, tax reduction, or benefit preservation, an irrevocable or special needs trust may be appropriate. We’ll map options to your priorities and show you when no trust is the smarter, simpler choice.