Letter to Client: Outline Revocable Trust with Separate Share Trusts for Children for Single Individual (Pennsylvania)

This legal template serves as a guide for attorneys or legal professionals to draft a letter to a client in Pennsylvania, United States, regarding the creation of a revocable trust. The letter provides an outline of the key components and provisions that should be considered when establishing a revocable trust for a single individual, specifically focusing on incorporating separate share trusts for their children.

The revocable trust, also known as a living trust, is a legal entity commonly used in estate planning. It enables an individual (the grantor) to transfer their assets into the trust during their lifetime, which can be managed and distributed in accordance with their wishes upon death or in specific circumstances defined in the trust agreement. By establishing a revocable trust, the grantor retains the flexibility to modify, amend, or revoke the trust during their lifetime if circumstances change.

This particular template emphasizes creating separate share trusts within the revocable trust for the benefit of the grantor's children. This arrangement allows the grantor to ensure that their assets are managed and distributed to their children according to specified terms, such as age milestones, educational expenses, or other criteria defined in the trust document. By utilizing separate share trusts, the grantor can promote structured and responsible asset distribution, shielding the assets from potential creditors, divorce settlements, or mismanagement.

The letter includes a comprehensive outline encompassing the necessary components of the revocable trust, such as the identification of the grantor and trustee, the purpose and intention of the trust, specific provisions related to separate share trusts for children, fiduciary responsibilities, asset management, distribution instructions, and any other considerations deemed appropriate for the client's unique situation.

As Pennsylvania law governs the creation and administration of the trust, this template ensures compliance with the state's legal requirements and regulations. It should be customized and personalized to suit the specific circumstances and desires of the client, after thorough consultation and understanding of their needs and objectives.