Columbia, MD Trust Lawyers
Columbia, MD Trust Lawyers
If supporting your family and loved ones is a top priority for you, you should create a trust! Looking ahead and creating the appropriate accommodations can keep your loved ones secure in your old age and even well after you are gone. It can also mean that your worldly possessions, including your wealth and the family heirlooms, end up in the right hands.
The Columbia trust lawyers at Z Family Law can help you preserve the bright future you want for the people you love. Trusts are a powerful tool for any estate plan, and they allow you to have more control over how your assets are managed and distributed. We can help you choose and establish the right trusts so you can have peace of mind. None of us are guaranteed tomorrow, so reach out to schedule a free case evaluation today!
Why Are Trusts Important?
Trusts are essential to any estate plan. A lot of people think a will is all you need, but that is often not true! If you want your assets to go directly to your loved ones, the best way to do so is to secure them in a trust. Assets in trusts bypass probate (which a will has to go through), and certain types of trusts can even protect them from unexpected life events that may occur while you’re still alive.
You can establish trusts for different purposes and decide how you want the assets distributed and when. Therefore, depending on your preferences, you might have a trust that pays out small amounts over time beginning with the foundation of the trust or all at once after some designated time, such as after you pass away or when your beneficiary completes some milestone, such as getting married or graduating college.
Trusts are incredibly flexible tools and can even be used to your own advantage–some offer tax benefits, for example! Our Columbia trust lawyers can get to know your goals for estate planning and help you choose trusts that align with your particular needs.
Our Columbia Trust Lawyers Can Structure Many Types Of Trusts
There are so many different varieties of trusts to choose from! Each one has a different purpose and can benefit you, a loved one, a charity, or even your pets. Some of the common types of trusts with which Z Family Law can assist you include:
- Revocable trusts: Use this type of trust to pass down assets to your loved one. If you are not satisfied with the conditions of the trust, you can alter them at any time.
- Irrevocable trusts: This trust acts similarly to a revocable trust, but it cannot be altered after it is established.
- Charitable trusts: Have a charity you want to support? This trust can help!
- Special needs trusts: If you have a loved one with special needs, you can support their care with this type of trust, which does not count against the guidelines and limitations for their healthcare plan.
- Spendthrift trusts: If you have a loved one who is bad with money, this trust is designed to make sure that they don’t spend it all in one place.
- Pet trusts: This type of trust allows you to allocate assets and designate a caregiver in the event you can no longer care for your pet.
There are as many types of trusts as there are needs for them, so be sure to discuss with us the conditions of the trust that will be best for you, so we can steer you in the right direction!
Trust Z Family Law For All Of Your Estate Planning Needs
We want what is best for your family. Z Family Law can help you with your estate plan, including trusts, with dedicated service, compassion, and professionalism. If you are ready to begin the trust process, reach out to Z Family Law for a free initial case evaluation to get started, and create your legacy of love today.
Frequently Asked Questions
Is there a limit to the number of trusts I can have?
No, there is no limit on the number of trusts you can establish provided you have the assets to put into them. However, you may only need one trust, or a few, depending on your unique goals!
Can I put my retirement account into a trust?
There are certain assets, such as retirement accounts and life insurance policies that cannot be put into trusts because doing so would interfere with relevant laws surrounding those accounts. Joint property can also not be put into a trust without the consent of both property owners. If you are unsure whether certain property can be retained in a trust, check with our legal team.
Do I need a lawyer to establish a trust?
While you technically do not need a lawyer to establish a trust, working with a qualified legal professional can save you a lot of headache. Trusts are complex legal tools and laws surrounding them vary by state, so working with a lawyer ensures that your trusts are established correctly and are in compliance with the law. By establishing a trust yourself, you run the risk of errors that will render your trust legally void.