This legal tool offers flexibility to adjust terms as life evolves, while maintaining control over assets. It helps preserve privacy, reduces court involvement, and can streamline transfer to heirs. In Savage, clear trust strategies address family needs, protect assets, and coordinate with wills and powers of attorney.
A comprehensive plan provides explicit instructions for asset management, protects sensitive information, and helps ensure beneficiaries receive assets according to your preferences. This clarity reduces uncertainty during life changes and supports a respectful, orderly transfer process.
Our team combines local knowledge of Maryland law with a patient, solution-focused style. We explain complex concepts in plain terms and help you make informed decisions about trusts, wills, and related documents that align with your family’s needs and financial plan.
Ongoing support covers periodic reviews, amendments for life changes, and reminders for key milestones. We help you keep the plan current, aligned with tax considerations and evolving family dynamics.
A revocable living trust is a flexible estate planning tool created during your lifetime. You maintain control as the grantor and can alter or revoke the trust at any time. After your passing, the assets pass directly to named beneficiaries according to the trust terms, often avoiding probate. This structure supports privacy and efficiency in asset transfers.
In many cases, a revocable living trust can avoid probate for assets placed within the trust. However, certain assets, such as retirement accounts or property not funded into the trust, may still be subject to probate. A complete plan considers funding for maximum probate avoidance where appropriate.
Yes. In most situations, the grantor can serve as the initial trustee and retain broad control over trust assets. You can designate a successor trustee to take over if you become unable to manage the trust, ensuring continuity of management and adherence to your instructions.
Typically, you should fund anything you want to pass outside of a will into the trust. Common examples include real estate, bank and investment accounts, and life insurance with payable-on-death designations. Proper funding is essential to ensure the trust functions as intended.
Regular reviews—at least every few years or after major life events—help ensure the trust reflects current wishes and changing laws. Updates may be needed after marriages, births, divorces, relocations, or significant changes in assets and tax rules.
If you become incapacitated, a durable power of attorney for finances and a designated successor trustee can manage the trust assets. This arrangement helps maintain continuity, supports your preferences, and reduces the likelihood of guardianship proceedings.
A will governs assets that are not funded into a trust and takes effect after death. A trust provides privacy and can avoid probate for funded assets. Many people use both tools together to cover diverse situations and ensure a comprehensive plan.
A revocable trust does not typically reduce estate taxes by itself, but it can be part of a broader tax planning strategy. We evaluate options such as gifting and trusts designed for tax efficiencies while keeping your goals in focus.
A trusted, capable successor trustee should be someone organized, trustworthy, and capable of handling financial affairs. Family members and professional fiduciaries are common choices. We help you select and prepare the person who can best carry out your instructions.
To start, contact our Savage, MD office for a no-obligation consultation. We will review your current documents, discuss your goals, and outline a plan. From there, we guide you through drafting, funding, and finalizing your revocable living trust with clear next steps.
