What is a revocable living trust?

A revocable living trust in Maryland is a legal arrangement that allows an individual (the grantor) to transfer their assets into a trust. The grantor is the trust’s creator, and has the ability to revoke, amend, or terminate the trust at any time. The grantor also retains control of the trust assets and income, and can direct the trustee (the grantor’s appointed representative) to use the trust’s assets for their benefit during their lifetime. The primary purpose of a revocable living trust is to avoid probate. This means that after the grantor’s death, the trust assets and income will pass directly to the beneficiaries without the need for court or other legal proceedings. The trust also allows the grantor to maintain control of their assets, including how they are to be distributed after their death. The grantor is allowed to appoint one or more trustees to manage the trust, choose beneficiaries, and distribute funds as the grantor wishes. It is important to note that when the grantor dies, the trust becomes irrevocable and cannot be amended. With a revocable living trust, the grantor can keep their estate and privacy in check, providing for their beneficiaries even after their death. This type of trust is especially helpful for those in Maryland who want to maintain control of their assets and determine their distribution while avoiding probate.

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What is a revocable living trust?

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