The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Testamentary trust allows more control than a will in Maryland

There are many options to choose from when designing an estate plan. On the other hand, there are some legal documents which are especially useful for planning an estate in Maryland or in any other state. One of the most common legal instruments used in planning an estate is a will. However, instead of a will, some individuals may decide to create a trust instead of or in addition to the will.

Although a will may accomplish a person's estate planning goals, sometimes trusts are preferable when an individual wants to have more control over the administration of assets. However, there are several different types of trusts to choose from. Therefore, it can be essential to do thorough research into the best options when creating a trust.

One common type of trust is a testamentary trust. This type of legal trust will be enforced when a person dies. The trust will allow an individual to ensure that assets are distributed as he or she had intended, even if circumstances change after the person's death. Without a trust, situations may arise where assets are ultimately not distributed as one had intended.

For example, if a person wishes to leave his wife a million dollars in his will, the money will be in her name. Although it may have been the case that the money was intended to eventually be inherited by the couple's children, if the wife remarries and then dies suddenly, the new husband would be legally entitled to receive a portion of the money. A trust can help to avoid this by distributing the money over time to the wife with instructions to distribute the rest of the money to the couple's children after the wife dies. However, this is just one possible estate planning tool available in Maryland or in any other state.

Source: MarketWatch, 5 estate-plan strategies for boomers, Andrea Coombes, Nov. 29, 2013

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office