Skip to Content
Klenk Law

Free Consultation

Call Today: 215-790-1095

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Call Today: 215-790-1095
Free Consultation
Call Today: 215-790-1095
Free
Consultation
Klenk Law

Can a Trust Help Avoid Probate?

Posted on Thu Jan 28, 2016, on Trusts

Last Updated October 29, 2017: Can a Trust Help Avoid Probate?

From our “Ask a Question” mailbag: Can a Trust Help Avoid Probate?

Can a Trust Help Avoid Probate

Estate Planning Attorney, Tatyana Gleyzer.

“I have been reading about trusts to avoid probate. Can a trust help my estate avoid probate?”

 

 

Many Trusts, Many Options.

Trusts come in all shapes and sizes and can help you meet many different goals. If your goal is to avoid probate, you could use a Revocable Living Trust.  Furthermore, if your specific situation and assets are a good fit, you could use any number of different Irrevocable Trusts. Both categories can help your estate avoid probate.

Revocable vs. Irrevocable Trusts.

In general, a Revocable Living Trust is a tool used when you want to avoid probate but also want to control and use the assets in the trust during your lifetime. Because you maintain control and use, these assets remain available to pay your creditors and are subject to death taxes at your death.

But, if your goals are to avoid probate but also to provide asset protection and avoid death taxes, then you must use an Irrevocable Trust. There are so many different types of Irrevocable Trusts; I can only suggest the best fit after gathering more facts.  For example, if you have a significant life insurance policy you wish to avoid the Federal Estate Tax, then the best fit is an Irrevocable Life Insurance Trust, sometimes called an ILIT. But, if your spouse and yourself wish to shelter assets other than life insurance, then a Spousal Lifetime Access Trust, or SLAT, might be a better fit.

How to Find the Best Trust.

After acting for over 20 years as an Estate Planning Attorney, I have found that matching a client to Trust that best fits requires a thorough review of assets. Further, a firm understanding of the client’s goals.  Some techniques work wonderfully to reduce taxes but need the client to surrender complete control. Some clients just do not wish to give up this power. Once I have the background information, we then can brainstorm options to find the best fit.

Can a Trust Help Avoid Probate?

Yes.  But, finding the trust that fits your specific situation takes some time.

In conclusion, in this Post, I tried to answer the question, “Can a Trust Help Avoid Probate?”  So, let me know how I did.  Comments and questions are welcome!

If you have any other questions about Estate Planning, Revocable Trusts or Irrevocable Trusts, feel free to contact our office for a free consultation with one of our Estate Planning Lawyers.

Wills, Trusts, Probate, and Estate Litigation It’s All We Do!

Author, Peter Klenk, Esq.

Tags:

Avoiding Probate, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, ILIT, Irrevocable Life Insurance Trust, Irrevocable Trust, Living Trust, Probate, Revocable Trust, Tatyana Gleyzer

Peter KlenkPeter Klenk

Categories

Subscribe

Free Consultation

    PRIVACY STATEMENT

    "No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All the above categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties. It is for use in setting consultation only. We will call or email you to schedule. If you receive a text, you may OPT OUT by replying STOP back to 215.790.1095"


    Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!

    Free Consultation

      Client Review

      "I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
      Flora Novick
      Client Review

      Areas Served:

      Philadelphia PA, Allentown PA, King of Prussia PA, Montgomery County PA, Bucks County PA, Doylestown PA, Jenkintown PA, Marlton NJ, Moorestown NJ

      What Our clients are saying

      Klenk Law Logo
      Stars

      AJK

      Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

      Klenk Law Logo
      Stars

      Dylan Small

      Peter provided outstanding advice and preparation of a will and trusts.

      Klenk Law Logo
      Stars

      Kevin K.

      I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.

      Klenk Law Logo
      Stars

      Chris B.

      AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

      Klenk Law Logo
      Stars

      Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

      Let us put our expertise to work for you.

      Free consultation within 24 hours.

      Phone Ringing CALL US
      Write Us WRITE TO US