What is a revocable living trust?

A revocable living trust is an estate planning tool used in the state of Maryland. It is a written agreement between you and the trustee of your trust that is designed to protect your assets after death. With a revocable living trust, you can decide who will receive what assets, when they will receive them, and how they will be managed in the event of your death. This trust will remain in effect while you are alive, but can also be changed or revoked at any time. The revocable living trust is created by signing a written document that instructs the trustee on your wishes. In Maryland, this document is known as a Declaration of Trust or Trust Agreement. Once signed, you, as the creator of the trust, are known as the Grantor or the Trustor. The person you appoint to manage the trust is known as the Trustee. The major advantages of a revocable trust are that it protects your assets and gives you and your family more control over how your assets are distributed. You can specify who will receive what assets, when they will receive them, and how they will be managed. A revocable trust also avoids probate, a lengthy and expensive process where a court confirms the trust’s validity and approves your directives. A revocable living trust is an important estate planning tool for Maryland residents. It will ensure that your wishes are carried out and that your loved ones are taken care of after your death.

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What is a revocable living trust?

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