In Maryland, estate owners follow plan protocol to achieve asset protection. A will give them power over how their assets are distributed. However, these documents don’t reduce the duration in which the estate remains in probate. The following are frequently asked questions directed at an estate planning lawyer in Bel Air, MD about beneficial options.
What Properties Are Eligible for Transfer into an Irrevocable Trust?
Any property or asset owned by the estate owner is eligible for the irrevocable trust. They range from real properties to high-valued artwork. Anything that the estate owner possesses of considerable value is transferred into the trust at their discretion. Once they are transferred, they are no longer a part of the estate. However, the estate owner maintains full control over all assets that are transferred. They retain control over the trust until they die.
What Properties Are Transferred Early to the Beneficiary?
Real estate property and certain wealth are transferred or given to a beneficiary early. The reason for these transfers of ownership is that it eliminates inheritance taxes. It also lowers the amount of time that the estate remains in probate. However, they must transfer these assets while they are of sound mind. If they wait too long, members of their family can file a dispute challenging these transfers.
What Provisions Are Available for a Trust Fund?
The most common provisions for a trust fund are age restrictions and a fixed disbursement each year. However, the estate owner has the right to identify provisions for how the money is spent and who gains access to the money.
What Happens If the Health Care Proxy Dies First?
If the designated health care proxy dies before the estate owner, another family member can step in to take on these responsibilities. If the estate owner wishes, they can set up a backup proxy and identify provisions for this assignment.
In Maryland, estate owners create a conclusive plan for their assets and properties. These plans help them make ironclad decisions about their assets. They also provide asset protection and prevent creditors from seizing any assets for outstanding debts. Owners who need help from an estate planning lawyer in Bel Air, MD contact Michael S. Birch, Attorney at Law, or visit the website today.