Estate planning is an important step for your future. While trust and estate planning has developed a reputation as a tool for only very wealthy individuals, the reality is that everyone can benefit from this type of planning. A skilled estate planning attorney can advise you of the benefits and requirements that come with setting up a trust.
Trusts can serve different purposes, both during your life and after your passing. When you are considering establishing a trust for any reason, seek legal counsel who understands key aspects of trust law. An Upper Marlboro trusts lawyer can advise you of your options and make certain your needs are met.
Types of Trusts
There are different trusts for different needs. The first step in the process of setting up a trust is determining the appropriate type. An Upper Marlboro trusts attorney can assist with selecting the appropriate option and drafting the paperwork needed to create it.
Revocable Living Trusts Pour-Over Wills are an important part of the estate plan. The documents are drafted and funded during a person’s lifetime. Because they are revocable, the creator maintains control over the trust provisions and has the option to revoke the trust entirely. However, there are certain tax benefits that are not available for revocable trusts.
Irrevocable trusts—as the name implies—cannot be amended or revoked by the creator under most circumstances. Once these trusts are funded, the assets no longer belong to the person who created the trust. Given the finality of this option, it is important to consider your options carefully.
How a Trust Attorney Can Help
Setting up and funding a trust is a complex undertaking. In addition, the high stakes that can come with a potential trust dispute make relying on an Upper Marlboro trusts attorney all the more important.
There are multiple ways an attorney can assist with the trust process. This starts with evaluating a person’s needs and wishes to determine the best trust option for them. An attorney can explain the differences between each type of trust while outlining the benefits and drawbacks of each option.
An important part of trust planning is addressing the unexpected. An attorney can develop an estate plan that includes holdback provisions. These provisions make sure property that was unintentionally unaddressed by the trust or estate plan does not go into probate.
Reach Out to an Upper Marlboro Trusts Attorney Today
You can benefit from a number of trusts at different points in your life. If you are considering a trust, start by speaking with an attorney about your options.
An Upper Marlboro trusts lawyer can advise you on creating and funding your trust. Call our firm today for a confidential consultation.