When it comes to estate planning, many Maryland families assume that a simple will is all they need. However, a revocable living trust can be an even more powerful tool for protecting your assets and making life easier for your loved ones.

 

At Limsky Law Group in Ellicott City, MD, we frequently help clients decide whether a revocable trust is the right solution for their goals. Here’s what you need to know about how these trusts work and why they may be beneficial for your family.

What is a Revocable Living Trust?

A revocable living trust is a legal arrangement you create during your lifetime to hold your assets—such as your home, bank accounts, and investments—for your benefit.

• Revocable means you can change or cancel the trust at any time while you’re alive.

• Living means it’s created and takes effect during your lifetime (not after death).

You can serve as the trustee (the person in charge of managing the trust) and maintain full control of your assets while you’re alive. Upon your death, a successor trustee distributes your assets to your beneficiaries according to your instructions—without going through probate.

Benefits of a Revocable Living Trust

1. Avoid Probate in Maryland

Probate can be lengthy, expensive, and public. Assets held in a revocable living trust pass directly to your beneficiaries, allowing them to avoid the probate process altogether.

2. Maintain Privacy

Because probate proceedings are public, anyone can access information about your assets and beneficiaries. A revocable living trust keeps these matters private.

3. Plan for Incapacity

If you become unable to manage your affairs, your successor trustee can step in to handle your financial matters without the need for court-appointed guardianship.

4. Flexible and Customizable

Unlike some other estate planning tools, revocable living trusts can be updated or revoked as your circumstances or wishes change.

5. Provide for Minor Children and Loved Ones

Trusts allow you to control how and when assets are distributed. This is especially helpful if your beneficiaries are minors or young adults who may need financial guidance.

How a Revocable Living Trust Fits into Your Estate Plan

A revocable living trust does not replace the need for a will or other estate planning documents. You will still need a pour-over will (to transfer any remaining assets into the trust), powers of attorney, and healthcare directives.

At Limsky Law Group, we help clients build comprehensive plans that work together to protect their families and ensure their wishes are carried out.

Is a Revocable Living Trust Right for You?

Not everyone needs a revocable trust, but for many families, it offers significant advantages. If you own property in multiple states, have a blended family, or want to simplify the inheritance process for your loved ones, a trust may be an ideal solution.

Schedule a Consultation to Learn More

 Located in Ellicott City, MD, Limsky Law Group serves families throughout Howard County, Columbia, and the surrounding Maryland communities.
 Call us at 443-741-2120 or visit mdestatelawyers.com to schedule a consultation today.

We’ll help you determine whether a revocable living trust is right for you and guide you through every step of the process.