When the future is uncertain, your assets offer a layer of protection to ensure security during your lifetime and for future generations. Working with an Owings Mills trusts and estates lawyer to create a trust that aligns with your goals can give you more control over your assets, ensuring your children will be adequately provided for.
Whether you have concerns about losing assets to equitable distribution or are ready to create a trust to protect specific properties, the skilled legal team at Nguyen Roche Sutton could help. Our seasoned attorneys understand the complexities of various trusts and can help you create one that will carry out your wishes and protect your assets.
Trusts are legal arrangements in which a trustee holds and manages assets on behalf of beneficiaries. They are valuable financial tools that allow individuals to provide a secure future for the next generation.
A trust enables an individual to designate beneficiaries for property, appoint guardians for minor children, and specify funeral and burial arrangements. This legal agreement involves three parties, including the following:
A trust can have more than one beneficiary, which is common when the grantor is creating a trust for children. To form a trust, the grantor transfers ownership of specific assets to it. Once the assets are transferred to the trust, the appointed trustee will manage them according to the trust’s guidelines.
Trusts generally fall into two main categories: living trusts (established during the grantor’s lifetime) and testamentary trusts (established upon the grantor’s death as described in a will). A living trust enables the grantor to be the trustee and maintain control over the assets. An Owings Mills estate attorney could explain each trust in more detail during an initial consultation.
While individuals can create a trust without an attorney, it can be beneficial to hire one to assist with the process. Trusts are complex legal arrangements that can be deemed invalid if specific laws are not followed. A lawyer could ensure a client’s trust is properly set up to meet desired goals. They could also offer valuable advice about what types of trusts are available and how they align with varied financial situations and future objectives.
The Owings Mills lawyers at Nguyen Roche Sutton are familiar with the nuances of trust laws, tax implications, and the estate planning process in Maryland. These professionals could help grantors create a trust that enables beneficiaries to avoid costly taxes that reduce overall benefits. Working with a skilled legal professional ensures an individual’s assets are applied precisely as intended during their lifetime and beyond.
Creating a trust allows you to use your assets to protect your loved ones’ futures. Finding a knowledgeable Owings Mills trusts and estates lawyer is key to ensuring your wishes are followed.
The family law attorneys at Nguyen Roche Sutton could help you draft your trust document, ensure it is legally binding, protect it from equitable distribution, and facilitate its administration. Schedule a consultation today to take the first steps toward securing your family’s future.
