Estate planning is a critical part of preserving your legacy and planning for the future of your loved ones. The use of trusts can be an integral part of your overall estate plan. A Maryland trusts lawyer can help you create a trust that protects you, your estate, and your designated beneficiaries.
To learn more about the steps you can take to preserve your legacy, consult with a Maryland trusts and estates lawyer today.
Working with a Maryland Trusts Attorney
An established comprehensive estate plan is the best gift that you can leave your loved ones. The lack of an estate plan can often result in unintended beneficiaries of your estate, liquidity resulting in insufficient estate assets to provide for taxes or administrative expenses, probate in multiple jurisdictions or exposure to estate and inheritance taxes.
A Maryland trusts attorney can help you create a plan, using trusts if necessary, that allows you to maintain control of your assets and to disperse them according to your wishes when you are no longer able to manage the estate. They can provide you with insight into the process along with basic information before you delve into the whole process.
Your trusts lawyer can provide the following services:
- Explain the various types of trusts, including revocable and irrevocable trusts, special needs trusts, and trusts for children.
- Provide solutions that minimize exposure to estate taxes and protect your assets from creditors.
- Helping to plan for contingencies and holdback provisions that you may not anticipate on your own.
- Explain the marital deduction rule and how it may apply to you.
- Drafting a trust that fulfills you wishes for the estate and your beneficiaries, assisting with the administration of the trust, and advising your trustee of his or her fiduciary responsibilities.
- Help answer trust administration questions and provide guidance throughout the process.
Having an objective professional assist in the creation of a trust as part of your overall estate plan, can help you avoid potential pitfalls and problems. Find a trusts lawyer in Maryland who can provide effective estate planning solutions.
Trusts Versus Wills
Wills and trusts both work to ensure that your estate is managed and dispersed according to your wishes. Determining whether a standalone Last Will and Testament or a Will used in combination with a trust established during your lifetime is the best option for your estate will depend on your goals, nature of your assets, and family dynamic. You may want to provide for your heirs after your death, making sure they are well-taken care.
Talking to an estate planning attorney can help you determine whether a will or a will in combination with a trust is the best solution for you. Some reasons for creating a trust may include the following:
- To maintain the privacy of your estate.
- To create tax savings opportunities.
- To name a trustee who can effectively manage the estate for children or other beneficiaries who cannot manage the assets themselves.
- To provide a relatively seamless transition in the management of your estate in the event of your incapacitation or death.
- To protect your assets from beneficiaries’ creditors
Your trusts attorney can help you determine the most effective solution for managing your estate according to your wishes. They can help clarify confusing concepts or terms and act as your support system. Contact us to learn more.
Estate Planning with a Trusts Attorney in Maryland
If you are ready to secure your assets and plan for the future of your estate and your beneficiaries, call to speak with our Maryland trusts attorneys and begin the process of hiring an attorney.