Planning for the future can feel like navigating a complicated maze. You want to protect your assets and provide for your loved ones, but the path ahead seems filled with confusing legal terms and high-stakes choices. The burden of this responsibility can be overwhelming, leaving you feeling uncertain and worried about making a mistake that could affect your family’s security. You might wonder if your wishes will be honored or if taxes and legal issues will diminish your hard-earned legacy.
At Apol Law, LLC, we understand these concerns. We guide families through the estate planning process, turning confusion into confidence and helping you create a secure future for the people who matter most. As your dedicated trust lawyer in Glen Burnie, we help you take control of your legacy. A well-crafted plan provides more than just financial security; it offers peace of mind. We listen carefully to your goals, explain your options in straightforward language, and craft a customized trust that reflects your unique circumstances.
What Is a Trust?
A trust is a legal arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, the beneficiary. The person who creates the trust and transfers assets into it is the grantor or settlor. Trusts are powerful estate planning tools because they offer flexibility, privacy, and control over the distribution of assets. Unlike a will, which takes effect only after you pass away, a trust can be effective during your lifetime. Having a trust you can manage lets you direct your assets while you’re able, with a plan in place for a successor trustee to take over if you become incapacitated or upon your death.
By placing assets such as real estate, bank accounts, and investments into a trust, you can avoid the often lengthy and public probate process. A trust ensures a faster and more private transfer of wealth to your beneficiaries, shielding your family from unnecessary delays and costs. An experienced Glen Burnie trust lawyer can help determine whether a trust is the best tool to meet your estate planning goals.
What Types of Trusts Are Available in Maryland?
Maryland law recognizes various types of trusts, each designed to meet specific needs and objectives. A knowledgeable attorney can help you select the one that best aligns with your goals.
Common types of trusts include:
- Revocable Living Trusts. This popular option lets you, the grantor, retain complete control over your assets during your lifetime. You can modify the terms, add or remove assets, or even dissolve the trust altogether.
- Irrevocable Trusts. Once established, these trusts generally cannot be changed or revoked. By officially removing assets from your personal estate, they provide significant advantages, such as potential creditor protection and estate tax reduction.
- Testamentary Trusts. These trusts are created within a will and become effective only after death. They are often used to oversee inheritances for minor children or beneficiaries who require assistance in managing their finances.
- Special Needs Trusts. Also known as a supplemental needs trusts, these tools enable you to support a loved one with a disability without jeopardizing their eligibility for vital government benefits such as Medicaid or Supplemental Security Income (SSI).
Selecting the proper structure is a key part of the planning process. Our team can outline the advantages and limitations of each option to help you make an informed decision.
How Can a Glen Burnie Trust Lawyer Assist You?
Creating a trust involves more than just signing a document; it requires careful planning and consideration. It also calls for a detailed review of your financial situation, family dynamics, and long-term goals. A trust attorney offers comprehensive support throughout this process. We help you draft a legally sound trust agreement that clearly states your wishes and complies with all applicable Maryland laws and regulations.
Our services extend beyond just establishing trust. We also assist with the crucial step of funding the trust, which involves retitling your assets in the trust’s name. An unfunded trust offers no protection and fails to serve its purpose. We help you properly transfer real estate, bank accounts, and other property. Additionally, we advise trustees on their legal duties and responsibilities, guiding them in managing and distributing assets in accordance with the trust’s terms while minimizing legal risks.
What Are the Duties of a Trustee in Maryland?
Serving as a trustee entails significant responsibility and essential legal obligations, commonly called fiduciary duties. These responsibilities include:
- Duty of Loyalty. The trustee must manage the trust solely for the benefit of the beneficiaries and avoid any conflicts of interest.
- Duty of Prudence. A trustee must manage the trust’s assets as a prudent person would, considering the trust’s purposes, terms, and other circumstances.
- Duty to Inform and Report. The trustee must keep the beneficiaries reasonably informed about the trust’s management and provide regular accountings of its assets and activities.
- Duty to Enforce and Defend Claims. A trustee must take reasonable steps to enforce the trust’s claims and defend against any claims made against it.
If you are a trustee, a trust attorney in Glen Burnie can offer the guidance you need to perform your duties correctly and effectively.
How Does a Trust Help Your Estate Avoid Probate?
Probate is the court-controlled process of authenticating a will, settling debts, and distributing a deceased person’s assets. In Maryland, this process can be lengthy, costly, and open to the public. All documents filed with the court, including the will and an inventory of your assets, become part of the public record.
However, assets held in a trust are not considered part of your probate estate. When you pass away, the successor trustee you named can immediately take control of the trust assets and distribute them to your beneficiaries according to your instructions. This process is entirely private and generally much faster than probate, saving your loved ones time, money, and stress during an already difficult time. A trust lawyer in Glen Burnie can help you structure your estate to maximize these benefits.
Why Choose Apol Law, LLC?
At Apol Law, LLC, our commitment to our clients and community is central to everything we do. Our dedication was acknowledged when our founding attorney received the 2023 Anne Arundel Bar Association President’s Pro Bono Award for outstanding service. This honor reflects our firm belief that everyone deserves access to quality legal guidance. We bring that same level of commitment to every family we serve, providing personalized and compassionate support tailored to your specific needs.
We do not offer cookie-cutter solutions. Instead, we take the time to understand your story, your family, and your vision for the future, building a plan that protects what you have worked so hard to achieve.
Secure Your Legacy with Confidence
You have spent a lifetime building your legacy; now is the time to protect it. Taking proactive steps today ensures that your loved ones can carry out your wishes and receive the care they need, regardless of what the future holds. Contact Apol Law, LLC, to discuss how a well-designed trust can provide security and peace of mind for you and your family.
Resources:
- Enforce and Defend Claims, MD Code, Estates and Trusts § 14.5-811, link.