Maryland Living Trust Forms
Download the Maryland Living Trust which is a way you can set aside some or all of your property and assets for the benefit of yourself and your beneficiaries. A trust can exist during the life of a grantor as well as after, so it provides continuity of management of assets. In addition, a trust is flexible, in that you are able to choose how and when you want your assets and property distributed. A “trustee” is the person who manages your trust for you and he or she has a fiduciary obligation to make sure the trust is managed in a way that is in the best interests of the beneficiaries.
Revocable vs. Irrevocable: An irrevocable trust should not be revoked or changed during the life of the grantor, as it is meant to be a way in which the grantor can move funds out of their taxable estate in exchange for givingup control of the assets placedinthe trust. If it is changed or revoked, there is a possibility that the grantor can incur tax penalties or other consequences. A revocable trust is a trust which may be revoked or changed during the life of the grantor but the assets are considered part of the grantors estate.