Rockville, MD Trust Lawyers
Rockville, MD Trust Lawyers
It is a common misconception that trusts are solely for the wealthy and elderly. The truth is, all of us want to leave a legacy behind and we have loved ones who we want to benefit. A trust is the perfect tool to ensure that your assets are distributed to the people you love in a manner that you approve of, and to prevent your estate from being diminished by probate costs and attorneys’ fees. There are many different types of trusts that you can use to meet your estate planning goals and benefit your loved ones.
The Rockville trust lawyers at Z Family Law are uniquely positioned to guide you through the process of creating a trust that’s exactly right for you and your goals, so you can secure a better future for yourself and your family. If you’re ready to achieve peace of mind, reach out to schedule an initial case assessment and learn how we can help you create your legacy!
What Is A Trust And Why Do I Need One?
A trust is a legal tool that transfers assets from ownership in your name to ownership by the trust in order to be managed for the benefit of yourself and your beneficiaries. Think of a trust like a cup, into which you pour your money (or other assets such as property). When you create the trust, you get to decide who can pour the cup out and when and where the contents can go. Depending on the terms of the trust, assets might be dispensed as soon as you pass away, once your beneficiary reaches a certain age, when they achieve some predetermined milestone such as graduating, or the trust might pay out as a designated amount intermittently, or some other solution. There are many different options when it comes to trusts, which is what makes them such a flexible and worthwhile tool.
A trust is useful for a lot of reasons, not the least of which is allowing you to designate assets for your beneficiaries in a way that gives you some level of control. They are also useful for your beneficiaries because, when you pass, it will allow your assets to reach them without having to go through the expensive and time-consuming process known as probate. Most of all, they allow you to shape and then protect your legacy!
Types Of Trusts
There are several different types of trusts that perform different functions.
- Revocable trusts are flexible trusts that can pass down your assets after death. While you are still alive, you can change the terms of the trust after it has been created.
- Irrevocable trusts can also pass down your assets after death. However, you cannot change the terms of the trust once it is established.
Our Rockville trust lawyers want to help you find the unique type of trust that matches your needs. Here are some common types of trusts that we can build for you:
- Irrevocable trusts
- Revocable living trusts
- Marital trusts
- Bypass trusts
- Charitable lead trusts
- Charitable remainder trusts
- Testamentary trusts
- Life insurance trusts
- Special needs trusts
- Pet trusts
If you have someone special in your life who you want to ensure receives what they need to thrive, a trust is a great option for showing your love. Alternatively, you can give your assets to charities through charitable lead trusts or even ensure that your pets get the care they need with a pet trust!
Our Rockville Trust Lawyers Can Help You Create The Trust You Need
At Z Family Law, we want to help you leave behind a legacy of love, one that you can be proud of. We want you to be able to support the ones you love even when you are not around anymore to do so physically. We can help you by learning about your goals and guiding you through the types of trusts that best align with what you need. Reach out to schedule a case evaluation, and we can go over how we can help you reach your estate goals.