Estate planning helps protect your family and assets. For many West Chester, Pennsylvania, residents, the key decision is whether to rely on a will, a trust, or both. Each tool offers important benefits depending on the value of your estate, your privacy needs, and your long-term goals.
What Does a Will Do in Pennsylvania?
A will directs how property is distributed after death. It allows you to name beneficiaries, appoint an executor, and designate guardians for minor children. In Pennsylvania, a will must go through probate in the Chester County Orphans’ Court, where the court reviews and oversees the estate process. “Probate” ensures legal oversight but can take months and involves public filings. However, for West Chester residents with simpler estates, a will can still be a cost-effective and reliable way to ensure wishes are followed.
How Does a Trust Work?
A revocable living trust is created during your lifetime and holds assets managed by a trustee. Assets in the trust bypass probate, allowing a faster and more private transfer to beneficiaries. Trusts can also help manage your finances if you become incapacitated, enabling a successor trustee to step in without court involvement. This is appealing for residents who own real estate, businesses, or other assets that could delay probate.
Do Trusts Always Make More Sense Than Wills?
Not necessarily. Trusts require more time and expense to set up and must be properly funded by transferring assets into them. If not funded correctly, probate may still occur. For smaller or uncomplicated estates, a well-drafted will may accomplish your goals without the extra work involved in maintaining a trust. Also, trusts are more beneficial when you want long-term control and privacy or have property that could require complex probate administration.
How Do Privacy and Speed Factor Into the Decision?
A will becomes public once filed with the court, meaning anyone can see how assets are distributed. A trust remains private. Trust administration is also faster than probate, which can make a difference if loved ones need quick financial access.
What About Incapacity Planning?
A will is only useful after death. A trust provides protection during life as well. If injury or illness leaves you unable to manage your affairs, a successor trustee can immediately handle finances. This avoids guardianship proceedings and keeps decision-making within your chosen support network.
Which Option Should West Chester Residents Choose?
The right solution depends on your assets and goals. A will may be enough when naming guardians is the priority and the estate is straightforward. A trust may be best when privacy, speed, and flexibility are important or when you own real estate or business interests.
Many West Chester residents choose both: A trust for major assets and a will to cover anything not transferred into the trust. A combined plan ensures every detail is addressed.
Smart Planning Starts Here: West Chester Wills and Estates Lawyers at Eckell Sparks
A carefully crafted estate plan ensures your wishes are honored and reduces stress for your loved ones during a difficult time. Our West Chester wills and estates lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. can help you weigh the benefits of wills and trusts under Pennsylvania law and create a plan tailored to your future and your family. For an initial consultation, call us today at 610-565-3700 or fill out our online form. With office locations in Media and West Chester, Pennsylvania, we proudly serve clients in the surrounding areas.