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Estate Planning, Elder Law, Estate Administration and Probate Attorneys
Have you ever wondered what would happen to everything you’ve worked so hard for—your home, your car, your bank accounts, your retirement savings—if you were suddenly incapacitated or passed away? The truth is, the fate of your assets depends entirely on what you do now.
We believe that everyone over the age of 18 should have some level of estate planning, whether it’s a simple Power of Attorney or a comprehensive Living Trust. And the sooner you take action, the better protected your family—and your legacy—will be.
With nearly 30 years of experience, our attorneys are leaders in Maryland estate planning. But we’re not just about drafting documents. We take a full-service approach to ensure your plan actually works by aligning your assets properly to help avoid probate and reduce stress on your loved ones. Additionally, as members of the prestigious American Academy of Estate Planning Attorneys, we stay ahead of the curve with up-to-date strategies and continuing legal education.
At Sinclair Prosser Gasior, we’re passionate about building long-lasting relationships with our clients and their families. That’s why we offer:
- Free educational events to demystify estate planning
- Complimentary review meetings to keep your plan current
- Ongoing support to adapt as your life evolves
And if you’re new to estate planning, we make the process easy. Attend one of our free seminars and receive a **complimentary consultation with an attorney—a $500 value—**to discuss your goals and get the guidance you deserve.
With offices in Annapolis, Bowie, Columbia, and Waldorf, our team is ready to provide the personalized, thoughtful assistance you need. Call us today at (410) 573-4818 or visit spgasior.com to learn more and register for a seminar near you. Because peace of mind starts with a plan.
How To Fund Your Revocable Living Trust
By Jon Gasior | Owner, Managing Attorney | Sinclair Prosser Gasior
A Living Trust is a way to hold title to assets, just like sole ownership or joint tenancy. The main reason most individuals choose an estate plan that includes a Revocable Living Trust is to avoid probate. The only way to accomplish this is to set up the trust properly and fund your trust. Funding a trust is the process of transferring your assets to the ownership of your trust. Once ownership is transferred, the trustee will have control of these assets.
Funding a trust refers to taking assets that are titled in your individual name or in joint names with others and retitling them into the name of the Revocable Living Trust. For example, if Bill and Mary set up a Revocable Living Trust and name themselves as initial co-trustees then they will need to re-title their assets to the “Bill and Mary Jones, Trustee or their successors in trust under the Jones Living Trust dated April 1, 2021, and any amendments thereto.” The assets that you generally want to include in your revocable living trust include real estate, bank accounts, brokerage accounts, savings bonds and stocks.
The tricky part of making sure your Revocable Living Trust works with your estate plan is that each asset is treated differently and your estate planning attorney should make a recommendation for each asset you own. For example, a house is re-titled by executing a new deed and having it filed with the county land records. Bank accounts will usually require a letter of instruction and copy of your certificate of trust (i.e., summary of your trust) to the various financial institutions where you have accounts.
Are there any assets that I should not transfer to my trust?
Most assets should be owned by your trust, but some should not. For example, an Individual Retirement Account (IRA) needs to be in your individual name. You can name the trust as the beneficiary of the IRA, but this should be discussed with your estate planning attorney as you set up your estate plan. Additionally, your life insurance policy will typically remain in your individual name, and the trust may be added as the beneficiary on that asset. Also, if you’re receiving Social Security, or other payments, which are directly deposited into your bank account, you should not re-title that account into the name of the trust. However, you will likely be able to add a payable on death beneficiary to the account to have it transfer to your trust at the time of your death and avoid probate.
What happens if my trust is not funded?
If you do not fund your trust by transferring title of your assets, then any asset in your individual name without a named beneficiary will be subject to probate. In addition to probate being stressful and expensive, failing to transfer assets to your trust may mean that your assets will not go to the people you want. The funding process can sometimes be time consuming, but it is arguably the most important part of making sure your estate plan works when you need it to. You invested your time and money to set up your trust to avoid probate, so make sure it works!
Sinclair Prosser Gasior focuses its practice on estate planning, elder law, and estate administration. We are established members of the American Academy of Estate Planning Attorneys and the National Academy of Elder Law Attorneys. Our attorneys and staff offer years of knowledge and experience in matters associated with protecting estates and families from issues arising from death and disability.
For more information visit www.spgasior.com
Member of the American Academy of Estate Planning Attorneys
Annapolis – 183 Harry S. Truman Pkwy, Suite 104; (410) 573-4818
Bowie – 4201 Mitchellville Rd., Suite 403
Columbia – Columbia Business Suites,; 5850 Waterloo Rd., Suite 140
Waldorf – Hamilton Centre II; 3261 Old Washington Rd., Suite 2020
