Wills and Trusts

Knowledgeable Wills and Trust Guidance

You may reach me at (410) 573-2992 ▪ E-mail Me.

I have been involved with estate planning and probate for more than 35 years in Annapolis, Maryland, and Anne Arundel County. I have helped many clients during that time to develop the estate plan they want and need.

Trusts Are Vehicles that allow you to Maintain Control Over Use of Assets

A trust is nothing more than a vehicle that can allow you to give your loved ones (the trust “beneficiaries”) the benefit of your assets, but at the same time to maintain control over the use of those assets during your lifetime and after your death. Some trusts are established during your lifetime (“Living Trusts”), and some are created under your will and come into effect when you die (“Testamentary Trusts”). A trust can sometimes provide estate and gift tax benefits, but, more importantly, it will allow you to determine who will (and who will not) benefit from your property, and to what extent. A trust may last for a few years, or for a beneficiary's lifetime. The beneficiary may be entitled only to the income generated by the trust assets (its “principal” or “corpus”), or may be able to access the trust principal. Various names given to trusts, e.g., “credit shelter” trust, life insurance trust, charitable trust, etc., describe the purpose for which they are established. If you think that a trust may be of use to you, please come in and talk to me so that I can give you a clear understanding of how it may be helpful.

Revocable Living Trusts are an increasingly common tool in estate planning, and have one primary purpose — to enable your assets to pass outside of the probate process. They also put someone in place — your Trustee — to take care of your affairs should you become unable to do so. They do involve some degree of paperwork and title changing, and are more expensive to set up than wills, but, in the right situation, they can be beneficial.

You can reach me at (410) 573-2992 ▪ E-mail Anytime