𝐓𝐡𝐢𝐬 𝐢𝐬 𝐚 𝐜𝐨𝐦𝐦𝐨𝐧 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 𝐰𝐞 𝐠𝐞𝐭. 𝐖𝐡𝐢𝐥𝐞 𝐦𝐨𝐬𝐭 𝐩𝐞𝐨𝐩𝐥𝐞 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞𝐲 𝐧𝐞𝐞𝐝 𝐚 𝐖𝐢𝐥𝐥, 𝐭𝐡𝐞𝐲 𝐚𝐫𝐞 𝐮𝐧𝐟𝐚𝐦𝐢𝐥𝐢𝐚𝐫 𝐰𝐢𝐭𝐡 𝐑𝐞𝐯𝐨𝐜𝐚𝐛𝐥𝐞 𝐓𝐫𝐮𝐬𝐭𝐬. 𝐇𝐨𝐰𝐞𝐯𝐞𝐫, 𝐟𝐨𝐫 𝐦𝐚𝐧𝐲 𝐩𝐞𝐨𝐩𝐥𝐞, 𝐭𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭 𝐨𝐩𝐭𝐢𝐨𝐧 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐭𝐡𝐞𝐦 𝐦𝐚𝐧𝐚𝐠𝐞 𝐭𝐡𝐞𝐢𝐫 𝐚𝐟𝐟𝐚𝐢𝐫𝐬 𝐚𝐧𝐝 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐩𝐞𝐚𝐜𝐞 𝐨𝐟 𝐦𝐢𝐧𝐝 𝐟𝐨𝐫 𝐭𝐡𝐞𝐦𝐬𝐞𝐥𝐯𝐞𝐬 𝐚𝐧𝐝 𝐭𝐡𝐞𝐢𝐫 𝐥𝐨𝐯𝐞𝐝 𝐨𝐧𝐞𝐬. 𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐩𝐫𝐨𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐬 𝐨𝐟 𝐞𝐚𝐜𝐡 𝐨𝐩𝐭𝐢𝐨𝐧?
𝐋𝐚𝐬𝐭 𝐖𝐢𝐥𝐥 𝐚𝐧𝐝 𝐓𝐞𝐬𝐭𝐚𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐬:
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 initially…
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.
𝐑𝐞𝐯𝐨𝐜𝐚𝐛𝐥𝐞 𝐓𝐫𝐮𝐬𝐭 𝐏𝐫𝐨𝐬:
1. 𝐏𝐫𝐨𝐛𝐚𝐭𝐞 𝐀𝐯𝐨𝐢𝐝𝐚𝐧𝐜𝐞. 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. 𝐏𝐫𝐢𝐯𝐚𝐜𝐲. Because assets in a Revocable Trust avoid Probate, their administration generally does not require oversight from the courts and can be handled privately.
3. 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲. 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. 𝐂𝐨𝐧𝐭𝐫𝐨𝐥. 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. 𝐀𝐬𝐬𝐞𝐭 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧. 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.
1. 𝐂𝐨𝐬𝐭. The cost of creating a Trust is more expensive initially.
2. 𝐅𝐮𝐧𝐝𝐢𝐧𝐠. 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.
See more 𝐖𝐢𝐥𝐥𝐬 𝐯 𝐓𝐫𝐮𝐬𝐭𝐬 𝐜𝐨𝐦𝐩𝐚𝐫𝐢𝐬𝐨𝐧 here: bit.ly/3NFmLY2
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.