Using Trusts To Secure Your Legacy
At the Law Offices of Beverly Winstead, the estate planning attorneys understand the profound responsibility of protecting your assets, loved ones and future. They are dedicated to helping you preserve and protect your accumulated wealth for current and future generations, ensuring the financial security and well-being of your family members, especially in the event of incapacity or death. With their guidance, you can plan for the orderly distribution of your assets according to your wishes.
The legal team at the Law Offices of Beverly Winstead, located in both Baltimore and Laurel, Maryland, brings years of experience to the table. Their team has worked with business owners, professional athletes and high net worth individuals, managing even the most complex estates with tailored strategies and solutions. Each client’s unique needs are met with personalized and thoughtful legal counsel.
Understanding Trusts: Why They Are Essential To Your Estate Plan
A trust is a legal arrangement that allows you to control how your assets are managed and distributed. It is a common part of an estate plan. Establishing a trust can be a critical component of a comprehensive estate plan. Trusts offer numerous benefits, including privacy, control and potentially significant tax advantages.
Here are some common types of trusts and assets that can be included:
- Revocable trusts: Often used for flexibility, can be altered or revoked as your circumstances change.
- Irrevocable trusts: Provides tax benefits and asset protection; cannot be easily changed once established.
- Living trusts: Effective for managing assets during your lifetime and distributing them after death without probate.
- Special needs trusts: Designed to benefit someone who has a disability without disqualifying them from government assistance.
Working with a trust attorney is crucial when establishing any trust. They ensure that the trust is properly drafted to meet your specific goals and legal requirements, providing peace of mind that your estate plan will work as intended.
What Is A Living Trust?
A living trust is a trust established during your lifetime. It allows you to manage your assets while you are alive and dictates how they are to be dispersed upon your death. A living trust can include various types of assets, such as real estate, bank accounts and investments. It is a valuable tool for those who seek to manage their assets flexibly and privately, avoiding the public process of probate.
How Does A Trust Avoid Probate?
In Maryland, the probate process involves the court-supervised distribution of a deceased person’s assets, which can be lengthy and costly. A properly structured trust can bypass this process entirely, allowing for a more efficient transfer of assets to your beneficiaries. This not only saves time and money but also preserves the privacy of your estate affairs.
Ready To Establish Your Trust? Contact The Law Offices of Beverly Winstead Today.
Don’t wait to secure your legacy and protect your loved ones. The Law Offices of Beverly Winstead is ready to assist you with establishing the right trust for your needs. Schedule a consultation today by calling 301-760-2003 or filling out an online contact form.