Law Office of Rick Todd Blog

Tuesday, July 31, 2018

Revocable Trusts Attorney in Columbia, MD is here to Assist

revocable trust is a written legal document through which your assets are placed into a trust during your lifetime and then transferred to designated beneficiaries at your death. While revocable trusts are similar to regular trusts, there are some key distinctions. A revocable trust is considered a more effective estate planning tool than just a last will and testament. It gives the grantor an orderly way to distribute assets upon his or her death and privacy for oneself and heirs during the process. It is a trust whereby provisions can be altered or canceled dependent on the grantor. People who set up revocable trusts may modify the associated legal documents during their lifetime. Implementing any changes may require a revocable trusts attorney in Columbia, MD.

Crafting revocable trusts can be somewhat challenging. The main purpose of a revocable trust is to avoid probate and to ensure that the privacy of the grantor and his or her beneficiaries is protected. It adheres to the wishes of the grantor and provides a thoughtful distribution of assets to potential heirs. The trust document can be amended an unlimited number of times, so the distribution of assets can be changed as the grantor ages or additional assets are acquired. For example, some people's future financial plans will change fairly consistently throughout one's lifetime, and revocable trusts will allow an opportunity to adapt to all of those financial shifts. Revocable trusts may also reduce state estate taxes. For families living in a state with an additional estate tax, a well-written revocable trust may provide significant value by reducing state estate taxes.

Contact a revocable trusts attorney in Columbia MD if you’re concerned about your assets going through probate. You should also consider setting up a revocable trust if you have a complex collection of investments. This may include multiple real estate properties, artwork, or other assets difficult for beneficiaries to distribute. Without a revocable trust, should you own assets in more than one state, each asset would be subject to a separate probate process for each state. A revocable trust can also help you to plan for any future health concerns. For example with a revocable trust, if a person becomes mentally or physically incapacitated, assets can be managed by a trustee instead of a court-supervised guardian or conservator.

If you are looking for a revocable trusts attorney in Columbia, MD, then contact us today. The law offices of Rick Todd can assist you.

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The Law Offices of Rick Todd has offices located in Columbia, Chevy Chase, Fairfax, Virginia, and Maryland and serves clients throughout Clarksville, Columbia, Ellicott City, Fulton, Rockville, Bethesda, Potomac, Laurel, Howard County, Montgomery County, and Washington D.C.

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