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When you create a Maryland living trust, you create a legal entity separate from yourself. You use this legal entity to own whatever personal assets you choose, namely, any personal assets you would like to pass on to you heirs with minimal hassle from the probate court or the tax man. Since a trust owns your property, the trust will not pass away when you do, it will just be operated by new trustees.
Living trusts are frequently used to pass on property within families while concurrently, in most states, avoiding the probate process and estate taxes which can soar to potentially astronomical levels. No matter if you have property that still carries some debt, say a mortgaged house, you can still include this property in your living trust.
Interesting in forming your living trust? LegalZoom can help. Once you answer an easy-to-follow online questionnaire, LegalZoom will accurately prepare all of the important legal documents for you so you can rest assured your documents are accurate, and adhere to all of Maryland's state and local guidelines. Form your living trust today!
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