Exton, PA asked in Estate Planning for Pennsylvania

Q: Can I leave half of my estate to one son out right and put the other half in a trust for my other son?

Related Topics:
3 Lawyer Answers
Answered
  • Estate Planning Lawyer
  • Cary, NC
  • Licensed in Pennsylvania

A: Yes, you can add a testamentary trust to your will and provide that Son A gets his inheritance outright but Son B's share will be put in a trust and the income and principal doled out t him by the trustee as specified in the terms.

Please do not try to do this yourself by using forms from the internet which may or may not be what you need. Many of these are incorrect or designed for particular simple estates and what you propose takes you out of the realm of a simple estate.

I agree with this answer Report
Answered
  • Estate Planning Lawyer
  • Los Angeles, CA

A: Yes. One half now would be a present gift for which you may have to file a gift tax return, and the other half will be placed in a trust with its own terms. Consult an estate planning lawyer. Good luck.

I agree with this answer Report
Answered
  • Haddonfield, NJ
  • Licensed in Pennsylvania

A: You may also put funds into a revocable living trust now. Placing funds into a trust now may decrease the likelihood of a successful contesting of this designation later.

Depending on your income and the value of the estate, you may benefit from placing funds into a non revocable trust.

I agree with this answer Report

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.