Estate planning is complicated. That is why so many people turn to our experienced Maryland estate planning attorneys for help. One of the key aspects of creating a comprehensive estate plan is establishing trusts. If you are someone who is looking into creating a trust, you may be confused about the difference between revocable living trusts and others, which is why below, we have prepared a blog detailing what you need to know about revocable living trusts. Please read on and reach out to our firm to learn more about how we can help you going forward:
What is a revocable living trust?
In a nutshell, people create revocable living trusts because they wish to place their assets in the trust in their lifetime so that those assets will be automatically distributed to their beneficiaries upon their death. If you create a revocable living trust, you are known as the grantor. Some of the assets you may place in a revocable living trust can include your car, your house, and your finances. That being said, though most assets qualify, you may not place certain assets, such as life insurance, in a revocable living trust. Once you establish a trust, you will name a trustee, which is the person responsible for handling the trust’s assets while you, the grantor, are still alive.
Will a revocable living trust help me avoid probate?
Fortunately, it will. Many people seek to avoid probate because it is oftentimes a months-long process–not to mention, it can also get quite complicated at times. If you are looking to draft a revocable living trust, please do not hesitate to reach out to our experienced, compassionate attorneys who know the ins and outs of the estate planning process.
How can I create a revocable living trust?
To create a revocable living trust, you will, of course, have to first speak with an experienced Maryland estate planning attorney who knows the ins and outs of the estate planning process. However, the basic outline is that first, you will have to fill out a revocable living trust form. These forms serve the purpose of clearly stating that you are the grantor, as well as legally establishing the trustee and the successor trustee. Additionally, this form establishes your beneficiaries and clearly defines all the trust’s terms, as well as lists all assets within the trust.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.