Source: http://evans-legal.com/dan/revtrust-will.html
Timestamp: 2017-05-25 01:13:54
Document Index: 92104058

Matched Legal Cases: ['§2501', '§7751', '§2502', '§7731', '§2504', '§7733', '§3132', '§3132', '§7780', '§7754', '§908', '§7708', '§7754', '§908', '§7754', '§2514', '§7710', '§7755', '§3384', '§3384', '§7755', '§3532', '§7755']

What Are the Differences Between Wills and Revocable Trusts?
Copyright © 2007 Daniel B.
Evans. All rights reserved. First published (and last updated)
The chart below is an adaptation of a chart originally created by
Edward M. Watters III. One of
the major goals of the Pennsylvania Uniform Trust Act (Act of July
7, 2006, No. 98 of 2006) was to conform the laws
relating to revocable trusts to the laws relating to wills and
decedent’s estates. The chart below shows both the
similarities and differences between these two different types of
documents and the interpretation and administration of them. (Unless
otherwise noted, all section references are to the Probate, Estates
and Fiduciaries Code, Title 20 of the Pennsylvania Consolidated
Wills Revocable Trusts Who may make? Anyone 18 or more years of age who is "of sound mind."
(§2501) Same as for will. (§7751) Formalities Written and signed at the end. (§2502) Written and signed. (§§7731 and 7732) Execution in another jurisdiction Valid if valid under law were testator was domiciled, or in
which testator died. (§2504.1) Valid if valid under law where executed or under law where (1)
settlor was domiciliary, resident, or national, (2) a trustee was
a domiciled or had a place of business, or (3) any trust property
was located. (§7733) Filing Filed for probate with Register of Wills after death and upon
testimony of two witnesses (§3132) if not self-proved
(§3132.1). Not probated; filed with Orphans' Court if there is a contest
or accounting. Notices After probate, notice to spouse, children, and beneficiaries.
(Pa.O.C. Rule 5.6) After death, notice to personal representative, spouse,
children, and each current beneficiary. (§7780.3(c)) Grounds for contest Forgery, mistake, lack of capacity, fraud, and undue
influence. (Case law) Same as for contesting a will. (§7754(c)) Time for contest One year from probate. (§908) One year after notice under §7708.3(c). (§7754(b)) How to contest Before probate, by caveat filed with Register; after
probate, by appeal to Orphans' Court. (§908) By petition in the Orphans' Court. (§7754(a) Rules of construction Case law and statute (§2514). Same as for testamentary trusts. (§7710.2) Claims of decedent's creditors Property of estate is subject to claims of decedent's
creditors. Creditors have same rights as against estate, except that
estate shall be applied first to claims. (§7755(a)) How claims are made By notice to personal representative (i.e., executor or
administrator). (§3384) By notice to personal representative (who is required to give
notice to trustee within 20 days) or, if none is appointed, to
trustee in manner provided by §3384. (§7755(b)) Time for claims A personal representative may make distributions one year
after first advertisement of grant of letters. (§3532) Same as for
personal representative or, if none appointed within 90 days
after death, trustee may advertise to begin one year period for
claims. (§7755(c)) Evans Law Office Daniel B. Evans,