Most people, when creating their estate plan, will establish documents known as trusts. Generally, trusts are designed for beneficiaries to get the most out of their inheritance and to and help families through the probate process. In the long run, essentially, a trust is designed to save your family both time and money. If you wish to learn more about the different types of trusts available to individuals in Maryland, simply read on and reach out to our experienced Maryland estate planning attorneys today. Here are some of the questions you may have:
Many people choose to create these trusts. First, you should understand that if you create an irrevocable trust, you are known as the “grantor.” When you create these types of trusts, you revoke your rights to the ownership of the trust to the beneficiary. Once you do so, you may not terminate or change the trust without the beneficiary’s explicit consent. Irrevocable trusts essentially give your beneficiary rights to all assets of which you include. On the other hand, revocable trusts function slightly differently. Once you create one, you may modify or terminate the trust at as you wish. However, revocable trusts fall into your beneficiary's control upon your incapacitation.
There are several different types of trusts to choose from, which is why you should have a firm grasp of which is best for you. Some of the types of trusts in Maryland are as follows:
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