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Maryland Revocable Trust Attorney: Revocable Living Trust (aka “Revocable Trust” or “Living Trust”) and Probate

Courthouse_BaltimoreDo assets in a Maryland Revocable Trust pass through probate?

No. When your Revocable Trust (also known as a “Living Trust”) is created your lawyer should assist you in transferring your property into the Revocable Living Trust. Title to the property is transferred by the settlor (the person who created the Revocable Living Trust) to the trust. Additional property may be transferred to the Revocable Living Trust throughout the settlor’s lifetime, though you should consult an experienced Maryland estate planning lawyer to understand the tax and legal implications of adding certain assets to the trust. Because the asset title has been transferred, when the settlor dies the trust property is not part of the settlor’s probate estate.

Avoiding probate and its related costs and delays is one of the reasons people decide choose a Revocable Living Trust as their primary estate instrument. Creating a Revocable Living Trust requires great care, consideration and an understanding of state laws. For example, should you transfer your vehicle into the trust? Should you transfer a business interest to the trust? The answers to these questions will vary depending on the unique personal and financial situation of the individual, while taking into consideration tax and legal consequences of such actions.

For a free, confidential conversation to discuss these and other estate planning matters, or to create your own estate plan, including a Revocable Living Trust, contact Maryland estate planning lawyer Stephen J. Reichert at 410-299-4959, or by clicking here.

Day, evening and weekend appointments are available in office or at your residence. Mr. Reichert personally serves clients in Baltimore, Baltimore County, Anne Arundel County, Howard County, Carroll County, Harford County, Frederick County, Montgomery County and throughout most of Maryland.