What is a revocable living trust?

A revocable living trust is an estate planning document that is used in Maryland to help manage and protect a person’s assets during their lifetime and then pass them on to others after death. This type of trust is called “revocable” because it can be changed or revoked by the person who created it. A revocable living trust is different from other types of trusts in that it does not become irrevocable or unchangeable until the trust maker has died or is unable to manage their assets. It is also different in that the trustee is often the same person who created it. This type of trust can help provide for assets to go to specific beneficiaries without having to go through the probate process. It also allows for the trust maker to control the distribution of assets and to designate who receives what. In Maryland, revocable living trusts are a popular type of estate planning tool. To set up a revocable living trust, one must create a document with specific instructions which must then be signed and notarized. As long as the trust maker is alive and able to manage their assets, they retain full control over the trust—which allows them to make changes to it as needed.

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