๐๐ก๐ข๐ฌ ๐ข๐ฌ ๐ ๐๐จ๐ฆ๐ฆ๐จ๐ง ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง ๐ฐ๐ ๐ ๐๐ญ. ๐๐ก๐ข๐ฅ๐ ๐ฆ๐จ๐ฌ๐ญ ๐ฉ๐๐จ๐ฉ๐ฅ๐ ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐ ๐ญ๐ก๐๐ฒ ๐ง๐๐๐ ๐ ๐๐ข๐ฅ๐ฅ, ๐ญ๐ก๐๐ฒ ๐๐ซ๐ ๐ฎ๐ง๐๐๐ฆ๐ข๐ฅ๐ข๐๐ซ ๐ฐ๐ข๐ญ๐ก ๐๐๐ฏ๐จ๐๐๐๐ฅ๐ ๐๐ซ๐ฎ๐ฌ๐ญ๐ฌ. ๐๐จ๐ฐ๐๐ฏ๐๐ซ, ๐๐จ๐ซ ๐ฆ๐๐ง๐ฒ ๐ฉ๐๐จ๐ฉ๐ฅ๐, ๐ญ๐ก๐ข๐ฌ ๐ข๐ฌ ๐ญ๐ก๐ ๐๐๐ฌ๐ญ ๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐ญ๐จ ๐ก๐๐ฅ๐ฉ ๐ญ๐ก๐๐ฆ ๐ฆ๐๐ง๐๐ ๐ ๐ญ๐ก๐๐ข๐ซ ๐๐๐๐๐ข๐ซ๐ฌ ๐๐ง๐ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐ฉ๐๐๐๐ ๐จ๐ ๐ฆ๐ข๐ง๐ ๐๐จ๐ซ ๐ญ๐ก๐๐ฆ๐ฌ๐๐ฅ๐ฏ๐๐ฌ ๐๐ง๐ ๐ญ๐ก๐๐ข๐ซ ๐ฅ๐จ๐ฏ๐๐ ๐จ๐ง๐๐ฌ. ๐๐ก๐๐ญ ๐๐ซ๐ ๐ญ๐ก๐ ๐ฉ๐ซ๐จ๐ฌ ๐๐ง๐ ๐๐จ๐ง๐ฌ ๐จ๐ ๐๐๐๐ก ๐จ๐ฉ๐ญ๐ข๐จ๐ง?
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๐๐๐ฌ๐ญ ๐๐ข๐ฅ๐ฅ ๐๐ง๐ ๐๐๐ฌ๐ญ๐๐ฆ๐๐ง๐ญ ๐๐ซ๐จ๐ฌ:
1. You decide who will be in charge of your final affairs, not the government.
2. You decide who will be your beneficiaries, not the Maryland statute.
3. The Will will likely avoid an expensive Bond qualification process.
4. Cheaper initiallyโฆ
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๐๐จ๐ง๐ฌ:
1. Will will go through the Probate process.
2. The Probate process is very expensive and unnecessary if planned ahead.
3. Even with a help of a lawyer, the family has to go through a nightmare of
government bureaucracy and red tape while grieving.
4. The Probate process causes delays in asset distribution, leaving beneficiaries
In financial uncertainty.
5. Unlike Trusts, Will and the entire Probate process become public record to anyone with internet access.
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๐๐๐ฏ๐จ๐๐๐๐ฅ๐ ๐๐ซ๐ฎ๐ฌ๐ญ ๐๐ซ๐จ๐ฌ:
1. ๐๐ซ๐จ๐๐๐ญ๐ ๐๐ฏ๐จ๐ข๐๐๐ง๐๐. Assets held in a Trust avoid Probate, the lengthy legal process of validating a Will and administering an Estate. The Trust saves your family a lot of time, hassle and money associated with Probating your Estate, also allowing beneficiaries to receive their inheritance more quickly.
2. ๐๐ซ๐ข๐ฏ๐๐๐ฒ. Because assets in a Revocable Trust avoid Probate, their administration generally does not require oversight from the courts and can be handled privately.
3. ๐๐๐๐ฎ๐ซ๐ข๐ญ๐ฒ. Trust takes effect immediately after the signing, allowing someone else to serve on your behalf if you are ever unable to do so yourself.
4. ๐๐จ๐ง๐ญ๐ซ๐จ๐ฅ. Trusts allow for greater control over asset distribution. You can specify detailed instructions and customize distributions to meet individual needs. This feature is especially useful for those with minor/young adult beneficiaries, or beneficiaries who have special needs.
5. ๐๐ฌ๐ฌ๐๐ญ ๐๐ซ๐จ๐ญ๐๐๐ญ๐ข๐จ๐ง. By placing assets in a Trust, you can add a level of protection from potential risks from creditors, lawsuits, and divorce, and ensure preservation of your money for future generations.
6. If you have real estate or a timeshare outside of Maryland, a separate Probate case has to be initiated in that other state.
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๐๐จ๐ง๐ฌ:
1. ๐๐จ๐ฌ๐ญ. The cost of creating a Trust is more expensive initially.
2. ๐
๐ฎ๐ง๐๐ข๐ง๐ . A Trust is only effective if assets are properly transferred into it. Failure to fund the Trust may result in some assets still being subject to Probate.
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See more ๐๐ข๐ฅ๐ฅ๐ฌ ๐ฏ ๐๐ซ๐ฎ๐ฌ๐ญ๐ฌ ๐๐จ๐ฆ๐ฉ๐๐ซ๐ข๐ฌ๐จ๐ง here: โโbit.ly/3NFmLY2
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Please call us at 301-696-0567 or self-schedule at lenaclarklegal.com if you would like to help protect your assets and loved ones in the event of death or disability.