Revocable trusts are a type of living trust that can play a key role in estate planning for some families. These trusts allow you to control your family’s financial future and provide a way for the proper management of your assets upon your death or disability. We can help you:
- Decide if this type of trust is right for you
- Walk you through all decisions related to your trust
- Create, fund, and manage a trust that meets your needs
The estate planning attorneys at Chesapeake Wills and Trusts can help you find peace of mind for your family’s future. We will listen to your unique needs and specific desires and offer advice on the best tools to ensure you maintain control of what happens to your assets even after your death. Call us today at 410-590-1900 or contact us online about meeting with one of our lawyers or attending a workshop about revocable trusts.
Understanding Revocable Trusts in Maryland
A revocable living trust is thought of as an “open box” trust, as you can put assets into a revocable living trust and take them of the trust at any time. In a revocable trust, your assets are not locked away, but rather they are placed in a box whereby you maintain the full ability to manage and use these assets at any time, without restriction.
Using Revocable Trusts Instead of a Will
A revocable trust is often used as a will substitute. As opposed to a will, which just provides for the distribution of your assets at the time of your death, a revocable trust allows you to retain complete control of your assets until your death if you so desire.
A Revocable Trust Can Help Your Family Skip the Guardianship Process
A properly drafted revocable trust will name a person or persons who will act as a substitute trustee in the event that you are unable to manage your own affairs. Having a substitute trustee to manage your affairs if you are alive but disabled will allow a seamless transition of power over your assets from you to your substitute trustee. Without proper advanced planning, your family would have to rely on the court system to appoint someone to act on your behalf.
Maintain Control of Your Assets with a Revocable Trust
With an open box trust, you maintain full control over your assets while you are alive and competent. With a revocable trust, the box is truly open. You can not only move assets into the trust but out of it as well. An open trust allows you to serve as:
- The person who funds the trust (grantor); and
- The person who manages the trust (trustee); and
- The person or one of the people who has access to the money from the trust (beneficiary)
You will be able to sell, give away, or otherwise dispose of all assets you place into a revocable trust. Revocable trusts provide the maximum flexibility in terms of controlling your assets while giving others the power to manage your assets if you are not able.
Revocable Trusts Help Your Family Members Avoid Headaches After Your Death
Avoiding probate is one of the most well-known advantages of revocable trusts. All of your assets which are titled in the name of your revocable trust avoid the probate process.
Avoiding probate helps your family members avoid the cost and headache associated with this process. Probate is a public legal proceeding, and anyone has can obtain a list of your assets and liabilities to see how much was in your estate at the time of your death.
It is important to note that, unlike irrevocable trusts, since a revocable trust is an open box, it does not protect your assets from creditors or help you qualify for government benefits. All assets in a revocable trust are subject to long-term care costs.
Talk to Us About Your Maryland Revocable Trust and Estate Plan Today
At Chesapeake Wills and Trusts, our team offers the quality estate planning services we believe you and your family deserve. You will never be a number to us; we get to know each of our clients on a personal level. We treat you like a member of our own family and are committed to presenting you with the best possible options to help you reach your goals and secure your family’s financial future.
We will explain your options in a way you understand and give you all the information you need to make an informed choice for your future. We know no two families are the same, so we create your estate plan based on your unique needs.
Call us today at 410-590-1900 for a one-on-one consultation with a member of our Maryland estate planning team.