Trusts can be a confusing concept. Even well-written and easy to understand descriptions can be abstract. The best way to understand them is to look at what they can accomplish. Part of the reason they are so difficult to understand is because they can be used for so many different purposes. To get us started, here’s three examples of uses of trusts…
Do You Need a Living Trust in Maryland?
Living trusts are sometimes hyped as an easy fix to several different estate planning problems at once. “Save money! Avoid probate! Ensure privacy!” At least in Maryland, these promises require qualification. Living trusts are sometimes more trouble than they are worth. They can be effective estate planning tools for some people, but you should be suspicious of anyone who claims…