Bethesda, MD Trust Lawyers
Bethesda, MD Trust Lawyers
We all want to make the best choices for the people we love. When you are making plans for the future support of your family, you may have a will in mind, but what you might not realize is that there are several trusts available that can help you better protect your loved ones and help you meet your specific estate planning goals.
The Bethesda trust lawyers of Z Family Law can help you choose the trusts that are right for your needs! We get to know you and your wishes so you can look to the future with confidence and peace of mind. Don’t wait until it’s too late - none of us are guaranteed tomorrow! Reach out today to schedule a free case evaluation to get started.
Why Establish Trusts?
A trust is a legal tool that allows you to pass down your assets. If you have not encountered a trust before, think of it as a third-party holder for your money or other assets. At a certain specified interval, the trust will transmit the money or other assets to the loved one you have designated as the beneficiary.
A common misconception about trusts is that they are only for the super-wealthy, which is simply not true. Trusts are useful for anyone who has anything they want to pass down to someone, and trusts come with benefits as opposed to simply passing assets down in your will.
- Trusts allow your assets to bypass probate so they can reach your beneficiaries easier and quicker.
- Trusts give you more control over the conditions for your assets being passed down--for example, you can have trusts that distribute assets only periodically or after meeting a certain milestone, such as graduation or marriage.
- Different trusts have different purposes so you can take advantage of already established formulas for specific assets or beneficiaries.
- Some trusts offer certain tax benefits.
- Trusts can be used while you are alive or after you pass.
There are many more advantages to using trusts, so be sure to discuss with our knowledgeable Bethesda trust lawyers how a trust can benefit you and your specific estate planning needs.
What Kinds Of Trusts Are Available For Me?
There are so many different kinds of trusts that can be used for different assets or to benefit different kinds of beneficiaries. Here are a few of the common types of trusts Z Family Law could help you create:
- Revocable trusts: These types of trusts are used for passing down assets and can be altered after they are established.
- Irrevocable trusts: These trusts are similar to revocable trusts, but they cannot be altered once they are established.
- Charitable trusts: You can use these trusts to give to your charity of choice.
- Special needs trusts: These types of trusts can be used to support a loved one with special needs without risking their state-sponsored health benefits.
- Spendthrift trusts: This type of trust is ideal for a loved one who is bad with money since it dispenses only small amounts periodically.
- Pet trusts: Have a pet whose care you want to fund in case something happens to you? With a pet trust, you can designate a caregiver and leave the money they will need to support your furry friend.
And so many more! There are as many types of trusts as there are needs for them, so work closely with Z Family Law to help us determine which trusts will be best for you.
Trust The Experienced Bethesda Trust Lawyers Of Z Family Law
At Z Family Law, we want to help you do what’s best for your family. We will work with you closely to help you create the trusts that will be most beneficial for both you and the people in your life. Reach out to schedule a free case evaluation!
Frequently Asked Questions
Can I put my house into a trust?
Yes! Trusts are designed to protect many different types of assets, which can include money, homes, vehicles, and even niche items like art, antiques, and even guns. Trusts are a versatile tool and can offer a wide range of benefits.
Is there anything I can’t put in a trust?
Generally, retirement accounts, social security benefits, and many life insurance policies cannot be put into trusts as doing so would circumvent certain relevant laws.
How many trusts am I allowed to establish?
When it comes to the number of trusts, the limit does not exist. You can legally establish as many trusts as you want with the help of our qualified legal counsel.