Choosing a revocable living trust can help you maintain privacy, streamline estate administration, and reduce court involvement after incapacity or death. The flexibility to amend terms, revoke the trust, or adapt to changes in family circumstances makes it a powerful component of modern estate planning in Maryland.
A well-crafted plan provides precise instructions for asset transfers, reducing ambiguity and potential disputes among heirs. Clarity helps executors and trustees administer the estate efficiently and in line with your objectives.
Hatcher Legal, PLLC concentrates on estate planning and probate avoidance with a client-centered approach. We listen, explain options in plain language, and craft durable plans that reflect your priorities, values, and budget while navigating Maryland law.
We provide periodic reviews, fund additions as needed, and updates for life events. Our team remains available to answer questions and help you maintain an effective, current estate plan.
A revocable living trust is a trust you can modify or revoke during your lifetime. It holds title to assets and provides flexibility to control distribution. Funding the trust ensures assets are managed without probate. You retain control and can adapt the plan as circumstances change. The arrangement helps privacy and smoother management for your heirs.
Often a revocable living trust avoids probate for assets placed in the trust because ownership is the trust’s. However, certain assets, like payable-on-death accounts, may still pass through probate unless properly retitled. A coordinated plan with a will can address residual items efficiently.
The trustee should be a person or institution you trust to follow the trust terms and manage assets responsibly. Common choices include a family member, a trusted friend, or a reputable financial institution. Consider availability, financial savvy, and impartiality when selecting a trustee.
Funding a trust means retitling assets in the name of the trust and updating beneficiary designations where appropriate. Without funding, a trust cannot control property. The funding process is essential to ensure the trust operates as intended and avoids unintended probate.
Yes. Revocable living trusts can be amended, revoked, or restated at any time while you retain control. Changes may reflect new assets, revised beneficiaries, or updated family circumstances. Regular reviews ensure the plan continues to reflect your goals and needs.
Powers of attorney can work in tandem with a trust by designating an agent to manage finances if you become unable. The documents should be harmonized to prevent conflicts and ensure seamless decision-making, privacy, and continuity of care during incapacity.
Most estate plans incur legal fees for drafting documents and potential court costs for nonfunded plans. Fees vary with complexity, asset count, and the need for funding. We provide transparent estimates and ongoing support to ensure value and clarity.
Timing depends on asset types, titles, and your responsiveness. A straightforward plan can be completed in weeks, while more complex situations may take longer. We guide you through each milestone and keep you informed about the expected timeline.
Revocable trusts do not typically reduce federal estate taxes by themselves. They primarily provide privacy and probate avoidance. Tax planning can be integrated with gifting and other strategies in a comprehensive plan to address tax considerations.
To begin with Hatcher Legal, schedule a consultation to discuss your goals and assets. We will outline options, answer questions, and guide you through the steps to implement a tailored revocable living trust in Glen Burnie and the surrounding area.
