Creating a trust as part of a comprehensive Maryland estate plancan offer several important protections, giving you the ability to:
Control assets. You can keep assets under your control within a trust for a designated time period, or even after your death if properly designated.
Protect assets. You can protect assets through a trust by designating a qualified trustee to manage those assets, which can be particularly helpful if your beneficiaries are unqualified to do so.
Save taxes. If you are married, assets in an irrevocable living trust can pass to a surviving spouse with no estate taxes. If you have children from a prior marriage or relationship, you can create a by-pass trust that holds assets for those children while still providing for your surviving spouse. After your surviving spouse dies, the assets pass to the children with no estate tax.
Avoid probate. Since a trust is a separate legal entity, it is not subject to probate and the trustee can distribute assets to beneficiaries or continue to manage the trust according to the trust provisions.
Avoid guardianship. If you have created a trust and named a successor trustee, that person can manage the trust if you become incapacitated without having to go to court.