Establishing a revocable living trust can streamline asset management, preserve privacy, and reduce court oversight for families. By naming a trusted successor trustee and funding the trust with assets, you gain control, minimize delays, and provide a clear plan for incapacity or death while maintaining flexibility to modify terms.
A comprehensive plan keeps ownership and distributions private, avoiding unnecessary public probate. It also clarifies who will manage assets if you cannot, reducing confusion among family members and increasing confidence that your wishes will be followed.
Hatcher Legal, PLLC brings practical estate planning experience to Fort Washington. We focus on clear communication, transparent pricing, and collaborative planning that respects your values. Our approach aims to minimize disputes and provide confidence for you and your heirs.
Funding after signing ensures assets are living within the trust. We coordinate with financial institutions, update beneficiary designations, and file necessary paperwork. Regular follow-ups help confirm funding accuracy and maintain the plan’s effectiveness over time.
A revocable living trust is a flexible estate planning tool that you create to own assets during your lifetime and pass them to heirs after your death. You retain control and can modify or revoke the trust at any time. Funding the trust and naming a successor trustee are essential steps. Properly structured, the trust can simplify administration and protect privacy by avoiding public probate whenever possible.
While it is possible to create a trust without counsel, working with an attorney helps ensure the trust aligns with Maryland laws, correctly funded assets, and avoid common mistakes. A local estate planning attorney can tailor documents, explain tax implications, coordinate with wills, powers of attorney, and beneficiary designations, and guide you through signing and funding so your plan works as intended.
A revocable trust can be changed or canceled by you during life, providing flexibility. An irrevocable trust generally cannot be modified and may remove ownership from your control, which can affect taxes and asset protection. Choosing between them depends on goals, privacy, and the need for control. Our team explains options in plain terms and helps you decide.
Costs vary depending on complexity, assets, and whether updates are needed for related documents. We provide transparent pricing and a clear breakdown of what is included. We strive to align value with your goals and offer options to fit different budgets while maintaining thorough, compliant drafting.
Timeline depends on drafting, funding, and signatures. Typically, planning can take a few weeks to finalize documents and coordinate asset transfers. We work to minimize delays with clear milestones and proactive communication.
If assets aren’t funded, the trust may not control distributions at death, and probate may still be required. Funding is essential; we guide you through deeds, accounts, and beneficiary updates.
In many cases, a properly funded revocable living trust can avoid probate for assets held in the trust. However, some assets may still require probate if not transferred.
Bring a list of assets, debts, family details, and any existing wills or trusts. We also collect contact info for your financial professionals.
A revocable living trust does not typically affect your income taxes during life, as you are the owner for tax purposes. It may influence estate taxes after death depending on the structure, but we focus on planning flexibility and efficient administration.
Contact our Fort Washington office for an initial consultation to discuss goals and assets. We outline steps, provide a transparent fee quote, and schedule next steps.
