Fill Out Legal Maryland Living Trusts Forms For Free

If you name yourself, you'll need to pick a successor trustee who will take over management of your trust once you die and ensure your property is distributed to your named beneficiaries. Create the trust document: You can do this either by yourself using an online program or with the assistance of a lawyer.

To make a living trust in Maryland, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

The Maryland revocable living trust is a legal agreement formed by a person (Grantor) for the purpose of placing property and assets into a separate entity with instructions for distribution after their death. Avoiding the probate process in the State of Maryland is the most obvious benefit of a revocable trust.

As mentioned above, the terms of your will, the inventory of your assets, and all estate accountings become public documents as part of the probate process. With revocable trusts, neither the trust agreement nor the assets passing under the trust are normally made a part of the public record.

Trusts are a good idea for anyone who owns real property or has assets worth more than $100,000. Like a will, the trust can usually be revoked or modified while you are still living. Unlike a will, a trust can allow your beneficiaries to skip the probate process.

To create a living trust in Maryland you create a Declaration of Trust which is a written document. Oral trusts are valid in Maryland but are very difficult to enforce and manage. You sign the Declaration in front of a notary public. Assets are then transferred into the trust to fund the trust.