Richmond Davis, Esquire
"Helping People Plan for the Future
in Columbia and the Baltimore-Washington region"
Living Trusts - Do You Need One?
Living Trusts (also called "revocable" or "inter vivos" trusts) are a good idea if you own real estate in more than one state or are concerned about privacy.
Also, a living trust, if done properly, can avoid the delays and expense involved in probate, as well. It's also easier to change or amend.
When real estate is owned in multiple states by a Trust, separate state court filings are unnecessary to authorize a transfer or sale.
Because the Trust is not filed in court, unlike a will, the terms of distribution won't be in the "public domain". A filed will can be viewed by anyone. That may be important if a person wants to make a confidential gift or wishes to keep family business private.
Contrary to what many think, be aware that a living trust will be subject to the same taxes (estate and inheritance) as a Last Will and Testament. And although there'll be no probate fees, the upfront trust preparation fees can be substantial.
If you have questions or wish to schedule an appointment to discuss a Living Trust for you, please call Richmond Davis at 410-730-5550.