Unlike a Revocable Living Trust, an Irrevocable Trust is a separate entity from yourself much in the way that a newly formed business would be. The trust will have its own Federal Tax ID and transfers of assets into this entity will be seen as gifts.
One key advantage to an Irrevocable Trust is it allows you to move assets out of your estate, where they can perpetuate for generations. There are many different types and uses of Irrevocable Trusts depending on your needs from Medicare Planning to Asset Protection, from protecting Family Vacation homes to protecting Life Insurance benefits. These trusts are all tools with the intention of helping our clients unique and individual need to protect their health, wealth, and family.
Please contact our office to schedule a complimentary consultation where we can help you to explore whether an Irrevocable Trust is right for your needs.
To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.
Probate is a court procedure which transfers property the deceased owned into the hands of his/her descendants or beneficiaries.
Probate has two functions, it gets creditors paid and it gets property owned by the deceased retitled to the land of the living. It also gives relatives and friends the opportunity to bring suits against those who claim your property.
Probate can take anywhere from 6-18 months, it varies depending on the size and complication of the estate.
If the deceased person had a will, the probate process is still required and involves the court validating that will. In the old days when someone died, you would have to get someone else to say “Oh yes! That is John Smith’s signature”. This is not how it works now, if you have two witnesses and a notary it is presumed to be valid. After the court verifies the will, the person’s assets are then transferred to his/her beneficiaries.
If the deceased person had a revocable living trust in place and placed his/her assets into the trust, the assets will not have to go through the probate process and will be disbursed by the trustee according to the instructions of the trust, not under the law of the state of Maryland.