The past year was complicated for many Maryland families, and circumstances caused many to consider their own mortality and future health needs. As a result, more people are now considering the benefits of drafting an estate plan. Young couples, older individuals, parents and virtually every adult can benefit from having a plan for the future. The time to take this step is now as delays can result in complications and frustration for loved ones.
Protecting a legacy through a trust
A trust is an estate planning tool that allows one to set aside and protect assets for a specific purpose. For example, a trust can hold assets for a minor heir until he or she reaches a certain age. It can also allow one to give to charity or care for a special needs loved one effectively. Assets held in a trust do not go through probate, which can provide peace of mind and make things simpler when settling an estate.
One of the most important aspects of establishing a trust is choosing the right person or party to act as the trustee. Careful thought should go into this designation as this individual or party will oversee the distribution of assets in the trust. It is a serious commitment and responsibility to serve as a trustee.
Optimal decisions and prudent planning
It is not easy to plan for the future. A Maryland adult will benefit from the guidance and support of an experienced attorney at every step. This assistance will prove invaluable when making important decisions for the future, from crafting a will to establishing a trust.