What is trust planning?

Trust planning is an important aspect of Trusts and Estates Law in Maryland. Trust planning is the process of setting up a legal agreement for one or more individuals, known as “trustees”, to manage the assets of another individual, known as the “beneficiary”. The goal of trust planning is to provide the beneficiary with financial security, protection, and peace of mind. The trust document, which must be created and signed by both the trustee and the beneficiary, outlines the duties of the trustee and the rights of the beneficiary. This document will include details about how the trust assets will be managed and will set parameters for the trustees to follow. The trust document will also specify the beneficiary’s rights to access and use the trust assets as they need and when they need. Trust planning can be tailored to the individual wishes of the beneficiary. This means that trusts can be set up to provide for specific assets, such as a house or car, or even investments and retirement savings. Trusts can also be set up to provide for the beneficiary’s long-term financial needs, such as education and health care. Overall, trust planning is a powerful tool that allows individuals in Maryland to rest assured that their assets are being managed responsibly and will provide for their needs. Trust planning will ensure that individuals have a financial safety net that will last well into their lifetime and beyond.

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What is trust planning?

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