The establishment of a revocable living trust in Maryland is an important first step in protecting the interests of you your family and ensuring that your assets are as protected as possible. However, there is a common misunderstanding that creating a revocable living trust governs all of the assets an individual owns.
After the Maryland revocable living trust has been created, those assets must be funded into the revocable living trust so that the trust provisions can govern those assets.
This can also involve contacting all of the current owners or managers of the assets like brokers, financial institutions, and banks. Following the communication of this information to the relevant financial institutions, deeds should be prepared and properly filed for all of the decedent’s real estate assets.
A lien company or mortgage company should be contacted by the owner of the property to verify that there are not any provisions that could be triggered in transferring the property, such as a due on sale provision.
It is also wise for the person who is transferring the property into the trust, to communicate with the real property insurance carrier to verify that they will be able to continue to insure the property after it has been transferred into the Maryland revocable living trust. If you’re interested in establishing a Maryland revocable living trust, schedule a consultation with an experienced lawyer today.