Should You Consider a Trust?
A trust is a financial tool often used during the estate planning process . When a trust is created, a third party, called a trustee, is given control of financial assets meant for an inheritor or beneficiary. During the creation of your trust, you and your estate lawyer serving Baltimore can choose the type of trust you want and determine the terms that must be fulfilled before your beneficiary gains control of the trust himself. In many cases, trusts are passed on to beneficiaries upon the settlor’s death or when the beneficiary reaches a certain age. Creating an irrevocable trust is an excellent way to reduce estate taxes after your death; furthermore, the property and assets that you place into a trust does not go through the probate process. These factors ensure that your chosen beneficiaries will receive the amount you wish them to inherit in full and much more quickly than if legal proceedings are needed to determine inheritance.