Revocable living trusts provide privacy, avoid probate, and enable seamless management if you become incapacitated. They allow you to specify guardianship for minor children and appoint trusted managers to handle affairs. In Maryland, a well-structured trust complements wills and durable powers of attorney.
A comprehensive approach preserves control for the grantor while maintaining privacy through a funded trust structure that avoids public probate proceedings and reveals limited information about estate plans.
Our team combines local knowledge with comprehensive planning experience, helping you tailor a plan that fits your unique situation. We prioritize clear communication, transparent pricing, and timely execution to minimize stress and maximize results.
We provide guidance on annual reviews, asset changes, and life events that require updates to the trust. This ongoing support helps preserve your goals and protect your family over time.
A revocable living trust is a document that places assets into a trust you control, allowing you to manage, amend, or revoke it during your lifetime. It provides a framework for how assets are managed and distributed, often avoiding probate and maintaining privacy after death. The grantor remains in control unless you choose to delegate authority.
In Maryland, a properly funded revocable living trust can avoid probate for assets placed into the trust, but certain assets held outside the trust may still go through probate. A comprehensive plan considers the entire portfolio, ensuring coordinated distributions and minimizing delays for beneficiaries.
The trustee should be someone you trust, who understands financial matters and your family’s needs. This can be a trusted individual or a professional fiduciary. A successor trustee is often named to step in if the primary trustee cannot continue, ensuring continuity.
Yes. A revocable trust is designed to be flexible. You can amend the terms, add or remove assets, or revoke the trust entirely. Regular reviews with an attorney help ensure the trust reflects current laws, asset ownership, and your evolving goals.
Commonly funded assets include real estate titled to the trust, investment accounts, and payable-on-death accounts. Personal property can also be transferred, but some assets require careful planning to avoid unintended tax consequences or probate exposure.
Wills, powers of attorney, and trusts each play a distinct role. A revocable trust handles ongoing management and distributions, while a will addresses assets not funded into the trust. Powers of attorney control financial and healthcare decisions during incapacity, providing a coordinated approach.
At death, the trust terms determine distributions to beneficiaries. If properly funded, assets can transfer outside probate with reduced court involvement. The trust may specify whether distributions occur outright or in stages, offering flexibility aligned with family circumstances.
Annual or biennial reviews are wise to accommodate life changes, tax updates, and asset movements. Regular check-ins help maintain accuracy, ensure funding remains correct, and keep documents consistent with your goals and legal requirements.
Special needs and long-term care considerations require careful planning. A revocable trust can be part of a strategy to preserve eligibility for benefits while providing for family needs. Consultation with an attorney ensures compliance with applicable state and federal rules.
Costs vary with complexity and asset volume. A typical revocable trust package includes drafting, funding guidance, and a plan for ongoing reviews. Timelines depend on asset readiness and client responsiveness, but a straightforward plan often progresses within a few weeks.
