Revocable Trust Lawyer in Glen Burnie, MD
Creating a revocable trust is a smart way to manage your assets as you age and distribute them to beneficiaries after your death. When you work with a revocable trust lawyer from Chesapeake Wills & Trusts, you can feel confident that you’re navigating your trust creation strategically.
What Is a Revocable Trust?
A revocable trust is an agreement that outlines what will happen to specific assets after you die or become incapacitated. Instead of only putting this information in a will, which goes into effect after your death, a revocable trust gives you greater control over the distribution and management of your assets.
Many types of trusts cannot be altered or revoked after their creation, but a revocable trust can. You can amend your trust, add or remove beneficiaries, or cancel it altogether at any time.
Roles in a Revocable Trust
Revocable trusts involve at least three roles:
- Grantor: The person who creates and retains the ability to amend or revoke the trust
- Beneficiary: The recipient of the trust assets
- Trustee: The person responsible for managing the trust and distributing the trust assets
As the trust grantor, you can also serve as the trustee if you wish. Our attorneys may recommend naming a successor trustee who will fulfill this role if you become incapacitated or after you die.
Creating a Revocable Trust in Maryland
Trusts are legal agreements that require the assistance of an attorney to create. Your revocable trust lawyer will walk you through these steps in creating a trust:
- Create a written Declaration of Trust.
- Assign beneficiaries and trustees.
- Determine which property you will include in the trust.
- Sign the Declaration of Trust document in front of a notary public.
- Transfer assets into the trust.
Benefits of Revocable Trusts
Understanding the benefits of a revocable trust can help you determine whether this estate planning tool is right for you. A few significant benefits include the following:
This type of trust allows your beneficiaries to bypass probate after your death. Instead, they can acquire the assets in the trust directly.
This benefit only applies to the assets you include in your trust; if you leave assets out of trusts, they will need to go through probate. Alternatively, you can create a “pour-over will” that dictates what will happen to the assets and property not transferred into a trust, streamlining the probate process for these assets.
Manage Assets If You Become Incapacitated
If you become incapacitated at any point, your assets may be vulnerable to depreciation, theft, or mismanagement. Instead, placing these assets in a trust and assigning a responsible trustee to manage them ensures that they are taken care of while you cannot be responsible for them.
Enjoy Privacy of Assets
When assets go through probate, they become public records, allowing any interested party to learn about them. However, revocable trusts are private documents, allowing you and your family to keep the contents of the trust between yourselves.
Contact a Qualified Estate Planning Attorney in Maryland
If you need help creating a revocable trust, contact a revocable trust lawyer from Chesapeake Wills & Trusts today at 410-590-1900 to schedule a call.
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