Exploring the option of creating a trust as part of an estate plan may be a wise step for Maryland residents. There are multiple benefits that could come along with creating a trust, and individuals may find that they feel more secure in knowing where their assets are and how they should be distributed after their deaths. If interested, parties may wish to create revocable trusts as part of their estate plans.
This type of trust allows property to be titled to the trust. This action means that the individual or individuals named as trustees have control over the property in the trust. Therefore, while parties are still alive, they continue to have say in what happens to their assets, and, after their deaths, the trusts are handed over to the next trustees named in the plans and either continued to be managed or the property is distributed.
Trusts could also help individuals keep their affairs more private. Even with a will, an estate will likely need to go through probate, which could become part of the public record. A trust allows property to be distributed without the probate process and public records, because the assets have been re-titled through the trust.
There are many facets to estate planning that could be explored, and a revocable trust is just one option that could be considered valuable. Not only may it save surviving family time and money in the future, but also it could also lead to peace of mind by allowing Maryland residents to continue controlling their property during their lives and then having it pass on to the designated parties after their deaths. An individual interested in adding a trust as part of his or her estate plan may wish to consult with an experienced attorney.
Source: shawneemissionpost.com, "Estate Planning KC: 3 things to know about revocable trusts", Todd Rasmussen, April 14, 2016