Annapolis Revocable Living Trust Attorney
According to Forbes, only 18 percent of Americans over the age of 55 have all of their legacy documents, such as a will, durable power of attorney, and health care directive, in place for their estate. While these are standard documents to have in place for estate planning, there are alternative ways to plan for an estate, including the option to create a revocable trust. If you are beginning to plan for your legacy, it is time to speak with an Annapolis revocable living trust attorney who has experience with revocable living trusts.
What are Revocable Living Trusts and How Does it Differ From a Will?
Revocable living trusts can be “revoked” or altered during a person’s life assuming he or she is still mentally capable to be making changes. Both revocable trusts and wills allow a person to name beneficiaries to their estate, leave behind property, and make changes to their estate planning as long as they are legally competent to do so. Revocable living trusts also allow a person to avoid the probate process, which can keep their assets private after death because it avoids the court-supervised probate process. For many people, creating a will is the appropriate step for estate planning. However, there are certain circumstances where a revocable trust is more beneficial than a will.
What are the Benefits of a Revocable Living Trust?
- If you own real estate property in another state other than Maryland, such as a vacation property, creating a revocable trust can help avoid additional probate proceedings in that second state.
- Living trusts are more difficult to challenge than wills, so you have reason to believe a family member will try to contest your will, it may be prudent to set up a living trust instead. If you plan to disinherit a child or leave more to one family member than another, a revocable trust will ensure your wishes are likely upheld.
- A living trust may also be an option for someone who is in poor health and does not want to manage his or her assets. However, another option for handling this situation would be to create a durable general power of attorney. A qualified trust attorney can advise you on the best solution depending on your particular estate and health concerns.
An Annapolis Revocable Trust Attorney Can Help You With Your Estate
If you are considering a living trust as part of your estate planning, it is crucial that you speak with a knowledgeable revocable trust attorney first. As a fact sheet created by the Estates and Trusts Section Council of the Maryland State Bar Association and the Register of Wills Association of Maryland states points out, there are also disadvantages to using a trust instead of will, such as fewer tax exemptions and the cost of setting up the trust to begin with. If you are trying to plan for long-term care for yourself or a special needs child, a trust may be an important tool, but you will need to set up an irrevocable trust, which has different rules than a revocable living trust. To set up a free consultation with a trust attorney at Frame & Frame, contact our Annapolis offices at 410-255-0373.