As part of Make a Will or Trust Month, many people in Maryland are evaluating their estate planning needs. A common question is whether a will or a trust is the right option. Both of these tools can be used to ensure your property is distributed according to your wishes, but they work in different ways.
A will is a legal document that outlines how your assets will be distributed after your death. It’s a straightforward way to ensure that your wishes are followed, but it must go through the probate process. In Maryland, probate can be a lengthy procedure, and your estate may be subject to higher fees and public disclosure. Additionally, a will is only effective after death, so it doesn’t help if you become incapacitated.
A trust, on the other hand, is a legal arrangement that holds property on behalf of a beneficiary. A living trust can be set up during your lifetime, and the assets in the trust are transferred directly to your beneficiaries after your death, avoiding probate entirely. Trusts also offer flexibility in how your assets are distributed and can provide for more detailed management of your property, especially if you have minor children or complex assets.
In Maryland, there are specific laws that govern both wills and trusts, and making sure the documents are properly drafted is essential. While the temptation to create a will or trust on your own can be strong, it’s important to recognize that doing so without legal help can lead to mistakes that could jeopardize your wishes. A qualified attorney, like those at Craig Borne Law, LLC, can guide you through the process, ensuring that your estate plan is legally sound and tailored to your individual needs.