Choosing a revocable living trust can streamline transfers, maintain privacy, and reduce court involvement after death. The flexibility to amend or revoke the trust during life makes it suitable for evolving family structures and asset portfolios. It complements wills and powers of attorney to provide coordinated, comprehensive protection.
A cohesive plan aligns all instruments, reduces redundancy, and provides a single, clear roadmap for asset distribution and guardianship decisions, which helps families navigate major life events with confidence.
With a local, client-centered approach, we translate complex rules into actionable plans. Our attorneys listen to your goals, explain options in straightforward terms, and document decisions carefully to reflect your priorities.
We set periodic reviews to adjust for life events, tax changes, and family needs, keeping your plan current.
A revocable living trust is a flexible instrument that allows you to control assets during life and avoid probate for funded assets after death. Unlike an irrevocable trust, you can revoke or modify terms, keeping options open while preserving privacy and simplicity. In Maryland, a properly funded revocable trust can streamline transfers and minimize court involvement. It does not eliminate all taxes or creditor protections, but when coordinated with wills and powers of attorney, it provides a cohesive plan that reflects your goals and protects your family’s interests.
If you have a will, a revocable living trust can still provide probate avoidance for assets funded into the trust and offer privacy. The will often covers assets not placed into the trust, serving as a backup plan. Combining both instruments is common and practical, ensuring funded assets transfer smoothly while preserving the benefits of a trust for ongoing management and flexibility.
Assets that you want to pass outside a will and without probate should be funded into the trust, including real estate, bank accounts, investment accounts, and business interests. Funding ensures the trust governs these assets according to your wishes and can simplify administration for beneficiaries. Failure to fund assets may undermine the effectiveness of the trust, so a thorough funding plan is essential as part of the overall estate strategy.
A trustee should be someone you trust to manage assets prudently, follow your instructions, and communicate clearly with beneficiaries. This could be a family member, a trusted friend, or a professional fiduciary. Many clients appoint a successor trustee to ensure continuity.
Costs vary based on complexity, funding needs, and whether updates or ongoing management are included. A straightforward trust with initial drafting and funding typically costs less than a comprehensive, multi-document plan. We provide transparent pricing and a clear scope up front. Ongoing maintenance or periodic reviews can incur additional fees, but many clients find the long-term efficiency and probate savings justify the investment.
Yes. Most grantors serve as initial trustees, retaining control while alive. A carefully drafted plan also designates a successor trustee who can step in if you become unable to manage affairs. This structure preserves continuity and aligns with your goals.
If incapacity occurs, the named successor trustee can manage finances and decisions under the trust, potentially avoiding court-supervised guardianship. A durable power of attorney and health care directive further streamline decision-making and protect your preferences.
Revocable trusts do not inherently minimize estate taxes because the grantor retains ownership for tax purposes. However, they can be integrated with other planning tools to optimize tax outcomes and preserve wealth for heirs. A comprehensive plan helps coordinate all tax considerations.
Review your trust after major life events such as marriage, birth, divorce, relocation, or significant changes in assets or law. Regular reviews help ensure beneficiaries, trustees, and asset lists stay aligned with current goals and circumstances.
A revocable trust can be changed or revoked by the grantor at any time, offering flexibility. An irrevocable trust generally cannot be altered and may provide certain tax or creditor protections. Your choice depends on goals, asset types, and risk tolerance.
