KEEP YOUR LOVED ONES FROM BEING BURDENED BY A COMPLEX COURT PROCESS
You have worked hard to provide for your family’s needs during your life. But what happens if you are suddenly unable to support them due to illness or your death? A living trust, also known as a “revocable living trust,” provides solutions for meeting your needs, as well as your family’s, in a way you choose.
Planning ahead with a revocable living trust is really a gift of love to keep your family from struggling through a difficult probate court process. With a living trust, you can distribute your assets as you want. You can make provisions for raising your children.
At IvyLaw Law Office, LLC, we have the experience and skill you need for your family wealth planning. We provide the tools and guidance to help you form an effective trust to stand the test of time, as well as the changes you will go through during your lifetime. Call our office in Greenbelt at 301-533-8600 to schedule an appointment to learn more.
A Holistic Approach To Creating A Living Trust That Fits Your Needs
We realize it can be overwhelming to think about the future. We take the time to learn what your goals are to help you meet your true objectives. It is an educational process. We walk you through the steps so you fully understand the process. We provide the information you need so you are able to make informed decisions.
We provide comprehensive services and the follow-up you need to fund your trust. We also provide additional legal documents, including:
- Living will
- Advance medical directive
- Power of attorney
- Kids protection planning
- Final burial arrangements
By establishing a long-term relationship with our clients, we can keep them from the stress of costly court proceedings in Maryland. Our legal counsel includes follow-up to keep trust documents properly updated throughout life’s changes.
Understanding A Revocable Living Trust
A revocable living trust is a legal agreement between the “grantor,” the person who creates the trust, and “trustee,” the person responsible for managing the assets in the trust according to the terms within the trust, for the benefit of the designated beneficiaries. The grantor transfers ownership of property and assets from his or her name to ownership under the trust. The trustee manages the individual’s assets in the trust. This is a fiduciary relationship.
While the grantor is alive, he or she may name himself or herself trustee and he or she is the beneficiary of the trust. Revisions to the trust can be incorporated at any time while the grantor is alive and mentally competent. When the grantor is no longer capable of managing the trust, or dies, the “successor trustee” is then responsible to ensure the provisions in the trust are carried out. When the grantor dies, the revocable living trust becomes an irrevocable living trust. Changes to the terms of the trust are no longer allowed. The assets will flow to the beneficiaries according to the grantor’s wishes as outlined in the trust agreement.
There are numerous benefits of a living trust, such as:
- Privacy – Your estate will not be subject to the lengthy and complicated probate court process
- Efficiency – Avoiding probate also means your family can settle your estate sooner
- Peace of mind – Estate taxes are addressed in your trust, rather than left to burden your family
In the long run, your trust is less costly – emotionally and financially – than probate and attending to estate taxes and costs of probate.
Contact Us For Clear Explanations, Comprehensive Answers And Trusted Legal Counsel
Work with a knowledgeable estate planning lawyer who truly cares. We will help you protect your family’s future, including your children with special needs. Call IvyLaw Law Office, LLC, at 301-533-8600 today to schedule your appointment. You may also reach us online by completing our convenient form.