An Estate Planning Attorney in Maryland Can Help with the Establishment of a Revocable Living Trust
When you are thinking about estate planning, it is important to consider establishing a revocable living trust. It can be difficult for Maryland residents to think about how they want their assets to be distributed when they pass away. However, regardless of whether you are young or old, it is important to realize that we cannot always plan for the future, and events happen quickly and unexpectedly. As such, it is important to have a plan in place to ensure that your immediate family members and other loved ones will have the financial resources they need when you are no longer here to provide them.
A revocable living trust can be an important tool for Maryland residents to make decisions about asset distribution while avoiding probate. If you have questions about whether a revocable living trust might be right for your situation, you should discuss your case with a Maryland revocable living trust attorney as soon as possible.
What is a Revocable Living Trust?
You might be asking yourself: what is a revocable living trust and why do I need one? It is called a “revocable” trust because it can be revoked during the creator’s lifetime, as long as she or he is still competent to do so. It is called a “living” trust because it is established while the creator is still alive. It is a written document
By creating a revocable living trust, a person can allow his or her beneficiaries to obtain property without going through probate. However, a revocable living trust must be established in a particular way and with the help of an experienced Maryland revocable living trust attorney.
Understanding the Differences Between a Revocable Living Trust and a Will
In many ways, a revocable living trust has some of the same functions as a will. To be clear, it allows an individual to name beneficiaries in the event of his or her death. While a will also does this, the revocable living trust can allow you to avoid probate. Probate is the name for the process in which a decedent’s will is authenticated and the decedent’s debts are paid and assets are distributed. This is a court-supervised process, and it can be lengthy and time-consuming.
Here is what both wills and revocable living trusts can do:
- Name beneficiaries;
- Leave property; and
- Allow you to change your mind during your lifetime as long as you are legally competent.
A revocable living trust can also do the following (but a will cannot):
- Allow for property to pass without going through probate;
- Keep your plans for your assets private after your death (since the revocable living trust will not go through a court-supervised process; and
- Limit the chances of a dispute over your assets after your death.
There may be additional benefits of a revocable living trust that an estate planning attorney can discuss with you.
Contact a Maryland Trust Attorney to Learn More
Should you create a will or a revocable living trust? A Maryland revocable living trust attorney can help. Contact Frame & Frame today to get started on your estate planning needs.