Living Trusts Attorney in Upper Marlboro, Maryland

If I Have a Living Trust Can I Avoid Probate?

A Living trust is probably the best strategy for avoiding probate and protect your financial privacy. A living trust is an agreement under which you transfer your assets to a trustee to be managed and administered for a beneficiary(ies). During your lifetime you are usually both the trustee and the beneficiary. A successor trustee is named in the trust and title passes to the successor trustee if you no longer act as the trustee. If you die, no probate is needed because your successor trustee will own the assets for the benefit of those for whom you've provided in the trust.

I Own Property with My Spouse, if I Die the Property Goes to Him, Do I Still Need a Living Trust?

Property you own with your spouse is usually owned as tenants by the entirety. The survivor is the sole owner of the property so probate is not necessary at the first death. This does not provide a plan for what happens at the survivor's death. When the survivor dies, the property will pass through the probate process. Additionally, joint ownership does not allow the use of other estate planning techniques that may help to save taxes, protect loved ones or address other family concerns.

I Am Not Wealthy, Aren't Trusts for Rich People?

Living trusts have many estate-planning advantages whether you are a high net worth person or you are a blue-collar worker with few assets. You can use a living trust to unify your estate's assets under one manager and provide continuing asset management for your family after you're gone. You can create provisions that will allow your trustee to take advantage of any tax-saving opportunities, protect your assets from creditors, provide for your loved ones for as long as possible and help your family to promote your values. A living trust can be a beneficial tool to everyone regardless of your net worth.

AMD Law is here to help you take advantage of all the benefits available with planning using a living trust. Tell us your primary concerns and we will help you draft the best strategy for you. Call us today for your consultation.