Contacting a Maryland Trusts Attorney
Contacting a Maryland trusts attorney is an important first step in administering or creating a trust. They can help you make sure you are following the proper procedures and can work to make the process as smooth as possible. With the help of a skilled trusts attorney, you can make sure your descendants are protected for the future.
What Makes Trusts in Maryland Unique?
Like most estate planning and probate issues, the administration and creation of trusts are governed by Maryland law. Many states have specific rules and laws regarding the administration and the execution of trust documents. Maryland recently adopted the uniform trust code they tailored it to the state.
The other difference between creating a trust in Maryland and in other jurisdictions are the probate rules and the taxes that are specific to Maryland. For example, Maryland is unique in that it has both an inheritance tax and an estate tax, other local jurisdictions do not have both. This makes it important to contact an attorney who has experience with estate planning in Maryland.
Help Creating and Distributing Trusts
It is often helpful to work with an attorney who helped create the trust to assist with the administration of the trust. However, it is not uncommon for an attorney to help after the creation of a trust, especially when the original settlor or the person that created it passed away and a new trustee has been nominated or is beginning to serve as the trustee.
Often a trustee and an attorney will work closely together. An attorney can advise a trustee on their fiduciary obligations, including how the trusts work as well as the general administration. In some cases, it may be better to work with the original lawyer as that attorney may have specific information or a better history of the trust. In other cases, that attorney may be prevented from continuing to work on the administration for ethical accomplice reasons. It generally depends on the terms of the trust.
What to Consider Before Contacting an Attorney
Law offices usually send potential clients a questionnaire that will help them begin to collect information regarding their estate planning needs. Generally, one of the ways that an individual can prepare for meeting with an attorney is by thinking about how they would like their assets to be distributed at death, what concerns they have, and what their family dynamic is. They can also begin gathering information regarding their current assets, including the value of their assets, how those assets are titled, and how they envision the overall estate plan.
An attorney will work with a client through several of those issues and provide advice for the creation of a trust. Taking time to understand the bigger picture and their wishes will be most helpful in preparing to meet with an attorney.
Contact a Maryland Trust Attorney for Help
Navigating the legal requirements for creating and administering trusts in Maryland can be confusing, however, help is available. A well-versed attorney can work with you to create or administer a trust. Contact a Maryland trust attorney today for the help you need.
