Revocable living trusts can streamline wealth transfer, help maintain privacy, and reduce court involvement after incapacity or death. They offer flexibility to modify terms, avoid probate for assets placed into the trust, and support a smoother management plan for loved ones and guardians.
Even with a comprehensive plan, you retain control as the grantor of a revocable living trust. You can adjust trustees, beneficiaries, and assets as circumstances evolve, ensuring the plan remains aligned with shifting family dynamics and financial priorities.
We tailor estate plans to your situation, focusing on clarity, affordability, and durable results. Our team guides you through design, funding, and documentation, ensuring your trust reflects your priorities while coordinating with other legal and financial professionals.
We assist with bank accounts, investment accounts, and retirement assets. Proper transfer avoids misalignment and ensures the trust can manage assets as intended.
A revocable living trust is a trust you can modify or revoke during your lifetime. It holds assets you designate and provides a framework for managing financial affairs and distributions to beneficiaries. The grantor retains control, while the trust ensures a clear plan for asset handling.
Yes, funded assets placed into a revocable living trust generally avoid probate. This can streamline administration and maintain privacy for the estate. However, assets not funded into the trust may still go through probate, so funding every intended asset is important.
Trustees are often chosen based on reliability and understanding of the family goals. A successor trustee should be prepared to take over responsibilities if you cannot manage affairs. Consider a trusted family member or a professional fiduciary for continuity.
Funding involves transferring ownership of assets into the trust. This includes retitling real estate, updating account beneficiaries, and aligning titles with the trust provisions. Our team assists with step‑by‑step funding to ensure the trust can operate effectively.
Yes. A revocable living trust can be amended or revoked at any time as long as the grantor has the capacity. Regular reviews help ensure the document reflects current wishes, changes in assets, and evolving family circumstances.
A revocable living trust does not remove tax responsibilities during the grantor’s lifetime. The grantor typically reports income, and taxes pass through to the individual. Estate tax considerations are addressed through careful planning and coordination with other tax strategies.
Timeline varies with complexity and funding. An initial plan can be drafted in weeks, while full funding may require months depending on asset types and financial institutions. We guide clients through each step to maintain momentum.
Documents commonly needed include current wills, lists of assets, real estate deeds, bank and investment statements, beneficiary designations, and details about guardians or trustees. We provide a customizable checklist to streamline the initial meeting.
A revocable living trust offers limited protection from creditors since the grantor retains control. Planning strategies can enhance protection for certain asset classes, but discuss specific protections with your attorney to understand implications in Maryland.
If circumstances change, you can modify or revoke the trust. Major life events like marriage, divorce, birth, or relocation warrant a review. We help you adjust beneficiaries, trustees, and funding to keep the plan current.
