One way for someone to protect their assets in Maryland is by establishing a trust. A trust in your name makes it easy for you to protect assets and distribute them to your beneficiaries. If you need to present information about your trust, having a certificate of trust handy can make this process a lot faster for all parties.
What is a certificate of trust?
Considering the potential worth of most trusts, financial institutions understandably can’t take someone’s word that these accounts exist. That’s where a certificate of trust comes into play. This important document outlines all essential information about a trust. While trusts are an important part of estate planning, most of them are anything but brief. Presenting a certificate of trust saves a lender or financial institution a lot of time.
Obtaining a certificate of trust
When it comes to creating certificates verifying the existence of a trust, it’s possible to draft these documents up yourself. If you have the time and energy to create a certificate of trust, it’s imperative to avoid making mistakes. This can create a lot of headaches for you and the party in charge of verifying your trust exists.
Certificate of trust requirements in Maryland
Each state has specific requirements about what a certificate of trust must contain. In Maryland, a certification of trust must contain:
- A general statement proving this trust’s existence
- The trust settlor’s identity
- The formation date of your trust
However, your certificate of trust doesn’t need to contain any information about your beneficiaries.