Key reasons to consider a revocable living trust include avoiding probate in many circumstances, maintaining privacy, and preserving assets for a future incapacity. The structure is flexible, allowing you to adjust beneficiaries, trustees, and terms as life changes.
A unified strategy minimizes duplicative filings and conflicting terms. Clear instructions help trustees administer the trust efficiently, while beneficiaries understand expectations and timelines, reducing disputes and delays.
Our team takes time to listen to your goals, translate them into a clear trust structure, and guide you through funding and implementation. We work with you to build a practical, durable plan that evolves with your life.
Funding the trust involves retitling assets, updating beneficiary designations, and coordinating with accounts. Proper funding ensures the trust operates as intended and reduces probate exposure.
A revocable living trust is a flexible document you can change or cancel during life. It holds assets for your benefit and can help avoid probate for many, though some assets may still be subject to probate if not funded properly. You maintain control as trustee, with a designated successor if needed. The trust can be amended to reflect changes in your family or finances.
In Maryland, a properly funded revocable living trust can avoid probate for assets placed into the trust. However, some property may still pass through a will or other documents. Probate avoidance is not guaranteed for every asset, so planning should be comprehensive and tailored.
Funding is essential for a trust to work as intended. This includes retitling real estate, transferring bank and investment accounts, and updating beneficiary designations. Assets left outside the trust may still be subject to probate, so a complete funding plan is critical.
The trustee manages trust assets and carries out distributions according to the trust terms. They should be someone you trust, with financial responsibility, or a professional fiduciary. It is important to name successor trustees to handle changes in circumstances smoothly.
Yes. A revocable living trust is designed to be flexible. You can modify terms, add assets, change beneficiaries, or revoke the trust entirely as life circumstances change. Regular reviews with your attorney help keep the plan current.
The timeline varies with complexity and funding. A straightforward trust can take a few weeks from initial consultation to a funded plan, while more complex estates may require additional drafting, reviews, and coordination with financial institutions.
Costs depend on the complexity and the assets involved. Typical fees cover drafting the trust, ancillary documents, and funding guidance. Transparent estimates are provided after consideration of your goals and the scope of work required.
A trust itself is a private document, so it can preserve privacy to a greater extent than a will. However, some disclosures may be required for asset transfers or court filings depending on asset type and status of the trust.
Incapacity planning with a revocable trust usually involves naming a successor trustee and creating a durable power of attorney and healthcare directives. These instruments ensure your wishes are implemented if you cannot communicate or manage affairs.
Having a will in place alongside a trust can provide an extra layer of clarity. A trust handles funded assets, while a will can address any assets not placed in the trust and designate guardians or executors as needed.
