Concerns for privacy, accuracy and personal decision may cause many Maryland residents to consider what estate planning options may be best for them. Though a will is a helpful planning tool, that document becomes part of the public record, which does not help when privacy is a concern. Therefore, individuals may wish to consider a revocable living trust and the benefits such a trust could offer.
A revocable trust is a tool made during an individual’s lifetime. The creator determines what assets are put into the trust and who should inherit those assets in the event of his or her death. This trust can also be changed at any point during the person’s lifetime. Meaning, if an individual changes his or her mind about a trustee or beneficiary, the document can be altered to reflect the new intentions.
Additionally, a trust can help individuals avoid probate. Because estates must go through the probate process in order to distribute property bequeathed in a will, it can be a long process for the surviving family. If items are distributed through a trust, the matter does not become part of the public record, and family members do not have to go through probate to receive their inheritances.
If individuals are considering making an estate plan or would like to adjust their existing plans, they may wish to explore more information on a revocable living trust. Maryland residents who would like their estate affairs to remain private while helping loved ones avoid probate may find this option useful. Discussing trusts and other estate planning tools with an experienced attorney could also prove beneficial.
Source: sabethaherald.com, “Revocable Living Trust and the benefits of a trust“, Bob Schumann, July 6, 2016