Revocable Trust for Single Individual: Separate Share Trusts for Children (Pennsylvania)

This legal template is designed for residents of Pennsylvania who are single individuals and wish to establish a revocable trust. Specifically, this template focuses on creating separate share trusts for any children the individual may have. A revocable trust is a legal arrangement in which the individual, known as the grantor, transfers their assets into the trust, naming themselves as the trustee who manages the assets during their lifetime. This type of trust allows the grantor to retain control and modify or revoke it at any time.

The crucial aspect of this template lies in the creation of separate share trusts for the grantor's children. This means that the trust assets will be divided into individual shares for each child, ensuring that their respective interests are protected after the grantor's passing. These separate share trusts are established within the broader revocable trust and can be customized to meet the specific needs and circumstances of the grantor's children.

By utilizing this legal template, the single individual in Pennsylvania can establish a revocable trust, maintain control over their assets during their lifetime, and provide for the proper distribution of those assets to their children through separate share trusts upon their passing. This legal document helps ensure that the grantor's intentions are carried out, safeguarding the assets and providing for the children's financial well-being in a clear and legally binding manner.