Revocable Living Trusts offer flexible management during life, seamless transfer of assets upon death, and privacy that a will may not provide. They enable you to name trustworthy successors, avoid or reduce probate in Maryland, and adjust provisions as family needs change. Working with a knowledgeable attorney helps tailor the trust to your goals.
A holistic approach protects family interests by aligning financial, legal, and personal considerations. It helps ensure guardianship for minor children, supports caregiving decisions, and coordinates assets across generations. By thinking beyond a single document, you reduce risk of gaps that could disrupt your loved ones’ security.
Choosing a local firm with a clear, client-centered approach helps you feel confident about decisions that impact your family. We emphasize practical guidance, plain language, and accessible timelines. Our process is designed to fit your schedule and explain complex concepts in straightforward ways.
We schedule periodic reviews to refresh the plan for changes in family status, asset mix, or tax laws, keeping your objectives current and actionable.
A revocable living trust is a trust you can modify during your lifetime. You remain in control of assets and can change beneficiaries, terms, or revoke the trust entirely. It provides privacy and can help streamline asset distribution after death. Funding the trust is essential for its effectiveness. The trust continues to operate according to your instructions while you are alive or after death.
Yes, a properly funded revocable living trust can avoid probate for many assets titled in the name of the trust, reducing public disclosure and delays. It is important to fund accounts, real estate, and other holdings to maximize this benefit. Some assets may still pass through probate if not properly titled.
Typically real property, bank accounts, investments, and business interests should be moved into the trust. Non-transferable assets still can be managed with beneficiary designations; update titling and designations so they align with the trust. A thorough asset review helps determine what should be titled to the trust.
Yes, you can amend or revoke the trust at any time while you remain competent. Amendments can be simple or comprehensive, depending on the changes you need. Regular reviews with your attorney help ensure the documents reflect your current wishes and life circumstances.
Funding means retitling assets, updating beneficiary designations, and ensuring titles reflect ownership by the trust. It can take time to complete, but funding is essential for the trust to function as intended. A step-by-step plan with a timeline helps keep the process organized.
A trustee manages assets held in the trust and follows the instructions set out in the trust document. You can serve as your own trustee while alive, with a successor named to handle administration if you become unable. Choose someone responsible and trustworthy who can act in the beneficiaries’ best interests.
Process timelines vary with complexity and the number of assets. A straightforward trust can be prepared in weeks, whereas larger estates or multi-state properties may take longer. Clear communication and timely document review help keep the process moving smoothly.
Costs depend on the complexity of the trust and related documents. Some firms offer flat fees for a basic trust while others bill hourly for more customized planning. A full plan that includes funding and updates provides long-term value by reducing future planning needs.
Revocable trusts are typically treated as grantor trusts for income tax purposes, meaning the grantor pays taxes on trust income. The trust itself does not pay separate taxes while revocable. Estate tax considerations depend on the overall value and structure of your plan, which can be refined with professional guidance.
A will is still advisable if you have assets not placed into the trust or specific wishes not covered by the trust. A pour-over will can funnel remaining assets into the trust after death, ensuring a cohesive plan while preserving flexibility for unanticipated items.
