Asset Protection in Wyomissing, PA- How to Set Up a Trust

Posted By : Aubrey Mead , on Mar, 2017

 

Any wealthy individual will tell you gaining wealth is much easier than retaining it. A person who gains wealth has to work twice as hard to retain it and make it grow. There have been countless cases in the past where wealthy individuals, especially those who didn’t plan properly, lost large chunks of their wealth due to bad decisions. If you don’t want to go down that path, you should contact a firm that offers asset protection in Wyomissing, PA and can help you set up a trust.

Why You Need a Lawyer

There are plenty of intricate laws and statutes governing the establishment and maintenance of trusts. If you want to establish one, you will want to make sure it falls within legal boundaries. Whether you want to set up a revocable living trust or any other, you should hire a trust administration lawyer to guide you through the process. The Law Office of Scott C. Painter, P.C. can help you with living wills as well as with asset protection without charging a very high commission.

Establishing the Trust

Usually, people set up trusts in order to transfer wealth to their children. It’s a common method of asset protection used by wealthy individuals to ensure their children receive money once they are old enough to know where to actually spend it and make the right decisions. Your lawyer will ask you to fill out different legal documents required for establishing the trust. Once the trust has been registered, the lawyer will give you the relevant documents for safekeeping, and a copy will also be stored at the law firm. For a small commission, you can make this whole process extremely easy and protect your wealth as well.

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