Revocable living trusts offer flexibility, allowing you to alter terms or revoke the trust as your circumstances change. They can streamline probate, keep family matters private, and ensure successor management of assets if you become incapacitated.
Consolidating documents and strategies reduces stress for heirs and trustees, saving time and avoiding costly miscommunications during difficult periods.
Hatcher Legal, PLLC provides practical, client-focused estate planning with clear explanations, transparent fees, and responsive service.
We outline steps for incapacity planning and transitions to successors to minimize disruption.
A revocable living trust is a flexible estate planning tool that holds assets during life and transfers them after death. It can be updated or revoked as circumstances change. It helps keep affairs private and can simplify asset management if you become unable to manage affairs.
In Maryland, a revocable living trust can avoid probate for assets placed in the trust, but some assets may still pass through probate if not properly funded. Proper planning ensures efficient transfer while preserving privacy.
Funding a revocable living trust involves transferring real estate, bank accounts, investments, and other title-held assets into the trust. You may need new deeds, beneficiary updates, and coordinated designations to reflect the trust as owner.
A trusted individual or an institution can serve as trustee. They should understand fiduciary duties, be reliable, and capable of managing assets for beneficiaries. In many cases, families designate a successor trustee to step in as needed.
Yes. The grantor can amend or revoke the trust during life. If circumstances change, you can modify terms, appoint a new trustee, or dissolve the trust entirely to reflect current goals.
Common accompanying documents include a pour-over will, durable power of attorney, and a healthcare directive. Together these ensure comprehensive planning for asset disposition, decisions during incapacity, and end-of-life preferences.
Multi-state assets require coordination of titles and designations across jurisdictions. A properly drafted trust can minimize probate needs in different states and ensure consistent distributions for all beneficiaries.
The timeline varies with complexity, funding, and asset types. Typical steps include consultation, drafting, signing, funding, and final reviews, with ongoing updates as life changes occur. We tailor timelines to your specific situation.
A revocable living trust itself generally does not reduce income or estate taxes. It focuses on easier management, privacy, and probate avoidance. Beneficiaries may face tax implications on distributions based on asset types and jurisdiction.
Costs vary by complexity and assets involved. We provide transparent, flat-fee or hourly options after an initial assessment. Ongoing reviews may incur additional modest fees to keep the plan current.
