You can avoid lengthy court proceedings, reduce costs for your heirs, and keep sensitive information private with a properly drafted revocable living trust. Our guidance helps you select trustees, designate beneficiaries, implement asset funding, and coordinate trust terms with durable powers of attorney and advance directives.
Maintaining privacy reduces public examination of personal finances, while efficient distributions help heirs receive assets promptly, with fewer court steps and lower administrative costs.
Attorneys provide experienced guidance to avoid common mistakes, help you fund the trust properly, and ensure beneficiaries receive assets without unnecessary delays. We discuss long-term needs and coordinate with other professionals to deliver a cohesive plan.
Post-Execution Review ensures funding is complete, documents are accessible, and life changes are incorporated with updates to the plan and trustee roles.
A revocable living trust is a flexible estate planning tool that allows you to manage assets during life and control how they pass after death. It is different from a will in that it can be funded and avoids probate for many assets, while remaining revocable.
Funding a revocable living trust is typically beneficial soon after creation. It helps ensure assets pass according to your plan and can reduce court involvement. However, some assets may be better kept outside the trust, and an attorney can guide funding decisions.
A trustee should be someone trustworthy and capable of managing finances and distributions. This may be a family member, a friend, or a professional fiduciary. Consider alternates to account for changes in circumstances or availability.
A revocable living trust generally does not eliminate all taxes, but it can address some transfer taxes and ensure certain assets pass privately and efficiently. A comprehensive plan may optimize tax outcomes in coordination with other documents.
Funding should include real estate, bank and investment accounts, and any other property titled in the grantor’s name. Certain assets require special steps, such as retirement accounts or business interests, to align with trust distributions.
A pour-over will works with a revocable living trust by funneling leftover assets into the trust after death. This combination preserves privacy and minimizes probate for assets not initially funded into the trust.
If you become incapacitated, powers of attorney and the successor trustee can manage affairs per the plan. A properly drafted arrangement ensures continuity of decisions while protecting your interests and those of your beneficiaries.
Regular reviews are recommended after major life events, changes in assets, or shifts in laws. An annual or biennial check-in helps keep the plan aligned with goals and current regulations.
Yes. A revocable living trust can be amended or revoked at any time while you have capacity. Amendments should be documented properly and re-funded as needed to keep the plan effective.
Costs vary by complexity and asset mix. An initial consultation provides a cost estimate, and many Maryland attorneys offer transparent pricing for drafting, funding, and periodic updates to keep the plan current.
