An estate does not have to encompass only your wealth. Your property, bank accounts, stocks, investments, and other assets can all contribute. A trust is an essential part of your estate plan, as it allows you to transfer control of these assets as well as minimize your estate taxes. There are a variety of ways trusts can be arranged, depending on how and when the assets will be passed on.
Trusts will usually avoid probate, which means the designated beneficiaries would gain access to them quicker than if they are transferred through a will. This will avoid court fees, save time, and potentially reduce estate tax once all of the assets are passed on.
By use of a trust, you will be able to control your wealth along with who will receive it and when. You can also set up a revocable trust to ensure your assets are accessible to you throughout your lifetime and the remainder goes to your children, spouse, or another beneficiary. A trust will also allow you to protect your family legacy from those who may not be as financially adept.
If you are interested in setting up a trust as part of your estate plan, contact our estate lawyer in Baltimore, MD. Our skillful team at Mobley and Brown, LLP has more than 40 years of combined experience in assisting those with their estate planning needs.
