WILL AND TRUST ATTORNEY IN ROCKVILLE, MARYLAND
Serving clients in Rockville, North Bethesda, and Bethesda, Maryland since 2003
Most of us have heard the terms “will” and “trust,” but generally not everyone knows the differences between the two. Both are an important part of estate planning, and can work together to create a complete estate plan.
One main difference between a will and a trust is that a Will goes into effect only after you die, while a trust takes effect as soon as you create it. According to a survey by caring.com, only 42 percent of U.S. adults have estate planning documents such as a will or living trust.
What is a Will?
A will is a written legal document that states what you want done about various topics after you die. A will can include your wishes about what happens to your belongings (called the “estate”), and about who will care for any minor children.
In the will, you should state who you want to carry out the instructions in the will. That person is called the “executor.” A will becomes effective only when it is signed by you and witnessed with certain formalities. Maryland law requires that your will be in writing, signed by the testator (you) and witnessed by two individuals in the testator’s presence. This is called “executing a will.”
What is a Trust?
A trust is a legal device that can be used to manage your property during your lifetime and to distribute your property after your death. In a trust arrangement one person (or an institution, such as a bank or law firm), called a “trustee,” holds legal title to property for another person, called a “beneficiary.”
A trust covers only properties that have been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust. Trusts are very flexible, can be revocable or irrevocable. Assets titled in the name of a trust can avoid probate.
To learn more about Trust laws in Maryland, you may refer this link Estates and Trusts Laws, Maryland
Why do you need a Will and Trust Attorney?
Estate planning is not a one-size-fits-all kind plan. Making the right estate plan is a major life decision.
- A Will and Trust Attorney can help you evaluate and consider all the relevant factors such as:
- Your family
- your estate planning goals
- your assets
- The potential unintended consequences.
- The attorney can tell you how best to use a will and a trust in your estate plan as both have their advantages and disadvantages.
- An attorney will help to ensure a smooth process of establishing a will or trust.
- Drafting living trust and will documents
- Determining beneficiaries of wills and trusts
- Help in administration and Probate court issues
The attorneys at Law Offices of Evan J. Krame are highly experienced in legal advising and drafting all types of wills and trusts. Our law office attorneys provide individualized approach to all clients and are committed in providing our clients with legal services of the highest quality.
Have questions such as What Happens if you die Without a Will? Or What if the Beneficiary Dies Before Me? Or have questions about your existing Will and Trust or need to create a new legal document, contact Law Offices of Evan J. Krame today.