This service provides ongoing control during life, privacy for assets, and a streamlined path to heirs without public probate. By design, revocable trusts can be revised or revoked, enabling you to adapt to changes in family, finances, or tax laws while maintaining a coherent estate strategy.
A comprehensive approach typically reduces or eliminates probate, allowing for private affairs and quicker transfer of assets to beneficiaries. The plan also provides a clear roadmap for managing assets in the event of incapacity or death.
Choose our firm for clear communication, tailored planning, and a collaborative approach that respects your values. We listen to your family needs, outline actionable steps, and help you implement a durable plan designed to adapt to life’s changes.
We verify that assets have been funded into the trust and document any exceptions, ensuring the plan remains effective and ready for administration. This finalizes the primary process.
A revocable living trust is a flexible tool that allows you to place assets into a trust you control during life. You can revise terms, add or remove beneficiaries, and revoke the trust as your circumstances change. By funding the trust properly, you can often avoid probate, enhance privacy, and provide clear instructions for asset management after incapacity or death. An attorney can help you tailor the trust to your family, assets, and goals while complying with Maryland law.
Yes, in many cases a revocable living trust can avoid probate for assets placed into the trust. Assets funded into the trust typically pass privately to beneficiaries without court supervision, though certain items like real estate with joint tenancy or assets not titled to the trust may still require probate. The best way to determine how probate is affected is to review your holdings and consult an attorney who can advise on how to fund the trust and coordinate with wills, beneficiary designations, and state rules.
The successor trustee should be a trustworthy person or institution capable of managing finances, paying bills, and handling distributions according to your instructions. Common choices include a trusted family member, a close friend, or a professional fiduciary. Discuss the duties, compensation, and potential conflicts with the chosen successor, and ensure you also appoint an alternate if the primary person cannot serve. Regularly review this appointment as circumstances change.
Fund the trust the assets you want controlled by the trust, such as real estate held in your name, bank and investment accounts, and valuable personal property. Ownership must be changed or titled in the name of the trust. Evaluate retirement accounts, insurance policies, and certain business interests for possible trust ownership or named beneficiaries. Not all assets need to be funded, but funding is essential for probate avoidance and accurate successor management.
After death, assets owned by the trust pass to beneficiaries under the trust terms, often outside probate. The successor trustee steps in to administer distributions per your instructions, following any tax and legal requirements. The process can be smoother and private compared to a will, with careful coordination of accounts and beneficiaries. Your attorney can guide you through final tax matters and ensure all assets are settled as planned.
Yes. A revocable living trust is designed to be flexible. You can modify terms, add assets, or revoke the trust entirely while you are alive, as long as you remain competent. Keep in mind that certain documentary changes, funding updates, and beneficiary designations may be needed as life changes or laws evolve, so periodic reviews with your attorney are advisable.
The timeline depends on the complexity of your assets and the level of detail you want. A simple revocable living trust can be prepared in a few weeks, while more intricate plans may take longer. Starting with a clear plan, gathering documents, and funding assets can streamline the process. With proper preparation, you can complete a thorough revocable living trust in a matter of weeks rather than months.
A will can complement a trust by addressing assets not placed in the trust, appointing guardians for minor children, and providing a backup plan. Trusts and wills often work together to ensure complete coverage. The creation of a pour-over will helps transfer any remaining assets into the trust after death, facilitating a smoother and private estate settlement.
Costs vary with complexity, asset count, and the level of customization. A simple revocable living trust with straightforward funding typically costs less than a larger, multi-state plan. We provide transparent pricing and discuss options during your initial consultation. We can tailor a plan to fit your budget while ensuring essential protections and a comprehensive approach that meets your family needs.
Bring personal identification, lists of assets, and any existing wills or trusts. Include real estate details, bank and investment accounts, retirement plans, and debts. Photos or documents showing ownership help us assess your funding needs. If possible, bring existing estate planning goals, family information, and contact details for beneficiaries. Having this information ready speeds up drafting and allows us to tailor the plan to your unique situation.
