Probate is a legal process that occurs after a death. In most cases, probate is a key part of settling the estate of a deceased person. In fact, probate may also be referred to as “estate administration.”

During the probate process, the assets of the deceased person (the decedent) are formally transferred to their new owners. All of the assets left behind are referred to as the deceased person’s “estate.” The estate is settled during probate.

During this process, creditors and others can make claims against the estate and then remaining assets are transferred to new legal owners. This transfer of assets could occur in accordance with the terms of a will if the decedent left one behind and if the court determines the will is valid and enforceable. If there was no will, then state intestacy laws will determine who assets transfer to during the probate process.

Why Do I Need a Trust?

A trust is like a protective shield for your assets, and it can be really useful for different reasons, especially in Pennsylvania. One good reason to have a trust is to avoid probate, which is a complicated legal process that your loved ones would have to go through after you pass away. By having a trust, you can leave clear instructions on how you want your assets to be distributed, and your loved ones can avoid the hassles and costs of probate. Another reason to have a trust is for privacy. When your assets go through probate, it becomes public information, but with a trust, your wishes can remain private. Having a trust can also help you manage your assets if you become unable to do so. You can appoint someone you trust to handle your affairs and make decisions on your behalf, ensuring that your assets are protected. 

Should I set up a revocable living trust?

If you are wondering whether you should set up a revocable living trust, it's important to consider a few factors. A revocable living trust is a legal instrument that allows you to manage your assets during your lifetime and distribute them upon your passing, all while avoiding probate. One major advantage is that you can retain control over your assets and make changes to the trust as needed. Additionally, it provides privacy as your affairs are kept private instead of going through the public probate process. However, establishing a revocable living trust involves some upfront costs and paperwork. Consulting with an estate planning attorney can help you understand whether a revocable living trust is the right option for you based on your specific circumstances, goals, and preferences.