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A trust is a legal arrangement where one person (grantor) transfers assets to another (grantee) to hold and manage for a third person (beneficiary). Trusts have many uses, but the primary purpose is to provide a legal framework for managing and distributing assets. Working with a Howard County trusts lawyer at Liberty Legacy Law Group can help you plan for the future.
Often, people use trusts like a will to pass on property. Generally, trusts are very flexible and popular in estate planning because they protect assets from going through probate like a will. As a grantee, you may have a lot of questions at the time of a grantor’s passing. Trust administration duties can be confusing, and seeking out legal guidance can alleviate stress.
Despite the usefulness of trusts, most people do not have one. In 2024, only 32% of Americans reported having an estate plan. There are numerous advantages to trusts, including the protection of assets and control over asset distribution after death. Even though the legal system can be overwhelming, it does not have to be.
When you hire a trusts lawyer at our firm, they can provide guidance on comprehensive estate planning and trust administration tasks. With extensive experience in estate and trust cases, we offer flat-fee pricing that covers all meetings and communication as well as comprehensive document drafting, coordination with financial professionals, and ongoing support.
At Liberty Legacy Law Group, we are ready to help with your case. To us, you are more than a transaction; we know that estate planning is a lifelong relationship. We can take the time to understand your goals and ensure your plans work the way you want. Even if you have never been to the Howard County Circuit Court, we can provide assistance every step of the way.
At Liberty Legacy Law Group, we’re not just planning for the future we’re honoring the lives, stories, and values that matter most.
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When someone has assets that they want to transfer to another person, they can use a trust to name a third party to hold and manage the assets. There are different types of trusts, and they come with different requirements. In general, a trust can provide for the orderly distribution of assets after someone’s death.
In order to create a trust, the grantor must submit a document called a Declaration of Trust. Although the law does not require trusts to be in writing, the execution of a trust can be very difficult if it is not in writing.
Trusts are not a one-size-fits-all solution. In Maryland, there are multiple types of trusts. There are some trusts you can change and others you cannot. The one you need depends on your goals and circumstances. The three most common types of trusts used include:
Other types of trusts include charitable trusts, constructive trusts, special needs trusts, and bypass trusts. A trusts attorney can help you navigate the specific requirements of your trust.
A trust is a powerful estate planning tool that you can use to manage and distribute assets to designated beneficiaries in a variety of ways. Although you may associate trusts with the very wealthy, trusts provide valuable benefits for people of all kinds of financial situations. For example, you can use a trust to do the following:
When you work with a Howard County trusts lawyer, they can discuss your estate planning goals and determine which options are most favorable for you.
A Howard County trusts attorney can be very valuable in the creation, management, and administration of a trust. This is important because it ensures your estate planning aligns with your goals. In addition to helping you protect your assets, a trust lawyer can provide personalized legal advice and handle complex legal questions.
In many cases, trusts can cost more time and money than other estate planning tools. Generally, it takes longer because trusts require you to retitle your assets; otherwise, they may not pass through the trust and may instead go to probate. Depending on your situation, trusts may not offer estate tax benefits or special asset protection.
To execute a will, you must clearly identify the grantor, trustee, and beneficiary. You must also specify the property in the trust and have a written document to outline the trust’s terms. The law does not require trusts to be written, but verbal trusts can be almost impossible to execute without a written record.
Yes; according to Maryland trust laws, a properly funded trust can avoid probate. This allows for a more private and potentially faster transfer of funds to beneficiaries. To be properly funded, all assets must be in the trust prior to the grantor’s death. If not, assets that remain outside the trust will still face probate procedures.
Whether it is better to have a will or a trust depends on your individual circumstances. At its core, the decision often comes from one’s personal needs for control over their assets. With a will, terms are usually simpler and more straightforward. On the other hand, trusts offer a higher level of control.
Figuring out the ins and outs of creating or executing a trust can be complicated, but you do not have to do it alone. A trusts lawyer in Howard County at Liberty Legacy Law Group can provide legal guidance and answer any questions you may have. Contact us to schedule a free consultation and secure your legacy today.
At Liberty Legacy Law Group, we’re not just planning for the future—we’re
honoring the lives, stories, and values that matter most.