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Are you thinking about setting a revocable living trust?

On Behalf of | Apr 13, 2022 | Trusts |

When it comes to estate planning in Maryland, there are a variety of options to choose from. One popular option is the revocable living trust. This type of trust allows you to maintain control over your assets during your lifetime and designate who will inherit your assets after your death.

What is a revocable living trust?

A revocable living trusts are legal document that creates a fiduciary relationship between the trustee and the beneficiaries. The trustee holds and manages property for the benefit of the beneficiaries.

The settlor, also known as the grantor or creator of the trust, can revoke or amend the trust at any time during their lifetime. After the settlor’s death, the trust becomes irrevocable and can no longer be changed.

What are the benefits of a revocable trust?

There are many benefits of setting up a revocable trust, one of which is avoiding probate. Probate is the legal process of distributing a person’s assets after they die. If you have a will, your assets will go through probate.

Another benefit of a revocable trust is that it can protect your assets from creditors. If you become incapacitated, the trustee can step in and manage your affairs without having to go through the court system.

Additionally, revocable trusts are private documents. Unlike wills, which are part of public records, the terms of your trust are not available to the general public.

Lastly, setting up a revocable trust can save your loved ones time and money. The trustee can step in and immediately begin managing your assets, which can avoid the need for a lengthy and expensive court process.

If you’re considering setting up a revocable trust, it’s important to understand the facts. Trusts can be complex legal documents, so it’s best to do your research and compare the different options before making your decision.