Maryland LGBTQ Trusts Lawyer
Trusts are powerful estate planning devices that allow individuals to control their assets during life their life and distribute their property after their death. If you want to create an estate plan that keeps the details of your estate private and avoids the probate process, a trust might be right for you.
Gay and lesbian individuals frequently use trusts to ensure that their families receive the assets that they want them to have. If you are considering creating a trust to manage your estate, contact a Maryland LGBTQ trusts lawyer to learn more. A well-versed trusts lawyer can discuss the pros and cons of establishing a trust so you can determine whether this is right for you.
Benefits of Establishing a Trust
After a person dies, everything they own must be distributed to their heirs. If the deceased left a will or died intestate, then a probate court usually oversees the distribution of that person’s assets. This process might take several months and often requires the assistance of a probate attorney.
In contrast, a trust creates a separate legal entity that holds the property on behalf of its beneficiaries outside of the probate court. The grantor who creates the trust may manage the assets during their lifetime as the trustee. After the grantor’s death, the successor trustee would immediately take control of the assets and could distribute them according to the grantor’s wishes.
Holding assets in trust allows the surviving family members of the deceased to access trust assets without waiting for court approval. The trust may hold assets well into the future for the benefit of a person’s children, grandchildren, or other descendants. A trust may also help the surviving family avoid or reduce certain estate or inheritance taxes.
Types of Trusts in Maryland
Grantors who want to establish a trust have many options to choose from in Maryland. A trusts attorney may help the grantor create multiple trusts depending on that person’s assets and goals.
The grantor can change or revoke a revocable trust at any time. As long as the grantor is still competent, they may switch the beneficiaries, add or remove assets from the trust, or dissolve the trust entirely.
Revocable trusts allow the grantor the flexibility to adjust their trust during their lifetime. The grantor must remember to update their trust after major life events like the birth of a new child or grandchild and should be sure to transfer the title of any newly-purchased property to the trust.
Unlike a revocable trust, the grantor does not retain the power to change an irrevocable trust. The grantor gives that power to the trustee instead, who usually cannot be removed without the consent of the beneficiaries.
Individuals who worry about protecting their assets from creditors may benefit from creating an irrevocable trust. In most cases, a creditor cannot use the assets in an irrevocable trust to settle a judgment against the grantor or their beneficiaries.
A grantor can also create a trust for a specific purpose. Grantors in Maryland can form a charitable trust that benefits a charity or non-profit organization. These trusts may also help reduce the estate’s overall tax burden.
Special needs trusts can benefit a child or disabled person without interfering with the amount of public assistance benefits that that person might receive. The trustee will act as a fiduciary to manage the assets in the special needs trust and make sure that the beneficiary is cared for as the grantor wanted.
Learn More from a Maryland LGBTQ Trusts Attorney Today
Creating a trust can be complicated and might not be the best choice for every individual. Whether you need a will, trust, or some other estate planning documents, an attorney can help you create a plan that fits your family.
No matter what the value of your estate, a Maryland LGBTQ trusts lawyer can help. Schedule an appointment and learn more about your options today.