Many people think of trusts as tools only used by rich and wealthy families who have many assets. However, this stereotype could not be further from the truth. Living trusts are becoming popular among Maryland families who undergo estate planning because of their many advantages over wills. Here are a few of those.
The ability to avoid probate is one of the primary reasons why many families choose a trust over a will. Probate is a lengthy and expensive court-supervised of transferring a person’s estate after his or her death. The probate process can take months. However, families can avoid probate altogether by utilizing a living trust. A trust can bypass probate since it is a private document, and technically, the assets are owned by the trust.
When a will is submitted to probate court, it becomes part of the public record, so anyone can read it. With a will, the public can view property and assets owned and who they were left to. However, with a trust, no one other than the beneficiaries can legally view the contents. The contents of a trust will not become public unless a beneficiary or an heir takes legal action to challenge the validity of the trust.
These are just a few reasons why many families prefer living trusts over wills. The process of setting up a trust or an estate plan can be complex. Families in Maryland who have questions or want to know more about wills, trusts or any aspect of estate planning could benefit by contacting a legal representative. A knowledgeable and seasoned attorney can provide guidance and help families secure the future for their loved ones.