Revocable Living Trust requirements in Pennsylvania
- You must be at least 18 years old and of sound mind.
- The trust document must name a trustee (often you) and a successor trustee.
- You must transfer ownership of your assets (like real estate, bank accounts, investments) into the trust's name.
- The document must be signed and notarized. In Pennsylvania, a notary is required for a valid trust.
- For real estate, you must record a new deed transferring the property to the trust with the county recorder of deeds.
- Consider naming beneficiaries for your retirement accounts separately – the trust may not be the best fit.
Review your estate plan today – if you don't have a revocable living trust in Pennsylvania, start the process now to protect your family and avoid probate.
Create your revocable living trustHow to create a Revocable Living Trust in Pennsylvania, step by step
- List your assets and decide what to put in the trust. Start with big items like your home and investment accounts.
- Choose a trustee. Many people name themselves and a spouse as co-trustees. Pick a reliable successor for later.
- Decide who gets what. Your beneficiaries can be people, charities, or other trusts.
- Draft the trust document. You can use a living trust template or hire an estate planning attorney. Make sure it complies with Pennsylvania law.
- Sign the trust document in front of a notary public. This is required in PA.
- Fund the trust. Transfer ownership of your assets into the trust's name. For real estate, record the new deed. For bank accounts, change the account title.
Cost considerations
In Pennsylvania, creating a revocable living trust typically costs between $1,500 and $3,000 if you hire an attorney. Using a living trust template may cost under $100, but mistakes can be costly later. Expect to pay filing fees for recording deeds, which vary by county.
PA Revocable Living Trust Checklist
Before creating your revocable living trust in Pennsylvania, gather the necessary information and understand the state-specific requirements to avoid common pitfalls.
- Have your full legal name, date of birth, and Social Security number for yourself and any co-trustees or beneficiaries.
- Prepare a detailed list of assets you plan to transfer, including real estate, bank accounts, investments, and personal property, with approximate values.
- Decide who will serve as trustee and successor trustee, and confirm their willingness to serve.
- Ensure your trust document is signed and notarized; while Pennsylvania does not require witnesses for a trust, notarization is strongly recommended and often needed for real estate transfers.
- Remember to fund your trust by transferring ownership of assets into the trust's name; an unfunded trust won't avoid probate.
- If you own real estate in Pennsylvania, consider recording a deed transferring the property to the trust with the county recorder of deeds where the property is located.
Common questions
What is the difference between a living trust and a will?
A will only takes effect after you die and goes through probate, a public court process. A revocable living trust avoids probate and keeps your affairs private. You can change a revocable trust anytime, but it requires transferring assets into it. A will is simpler and cheaper upfront.
Is a notary required for a revocable living trust in Pennsylvania?
Yes. Pennsylvania law requires your trust document to be notarized to be valid. You must sign it in front of a notary public. Also, if you transfer real estate, the new deed must be notarized and recorded.
Can I be my own trustee?
Absolutely. You can be the trustee of your own revocable living trust. You keep full control over the assets. You just name a successor trustee to step in if you become incapacitated or die.
Do I still need a will if I have a living trust?
Yes, it's a good idea. A 'pour-over will' catches any assets you didn't transfer to the trust. It ensures those assets still go to the trust, but they may go through probate. Also, you need to name guardians for minor children in a will.