The various estate planning tools available to Maryland residents may have individuals wondering what documents could best suit their needs. Some parties may be interested in creating trusts to address certain needs of their estates. While deciding to utilize such a tool is a good first step, individuals may then need to determine which type of trust could be best for their circumstances.
One type of trust is a revocable living trust, which can protect an estate from probate proceedings as well as allow individuals to make changes to the trust during their lifetimes. This document may also help prevent conflicts from arising over inheritances as well as keep information out of the public record. Another type of trust is a Medicaid asset protection trust. This tool allows assets placed into the trust to avoid probate and also keep them from being used to cover nursing home expenses.
Other individuals may wish to utilize an inheritance trust. This account helps keep assets in line for inheritance by children and grandchildren and avoid inheritances by in-laws or unknown individuals. Furthermore, this type of trust could protect the assets from the children's divorces or other legal matters.
These are just a few types of trusts that may be available to interested parties. Because additional details of an estate may warrant a different type of trust -- such as a special needs or charitable remainder trust -- Maryland residents may wish to gain further information on their options. Consulting with experienced estate planning attorneys could help individuals ensure that they have the necessary information to make the best decisions for their estates.
Source: recordonline.com, "Bonnie Kraham: Elder Law Estate Plan documents", Bonnie Kraham, Feb. 9, 2017