Maryland Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
Trusts are a good idea for anyone who owns real property or has assets worth more than $100,000. Like a will, the trust can usually be revoked or modified while you are still living. Unlike a will, a trust can allow your beneficiaries to skip the probate process.
The main advantage of using a living trust is avoiding probate court, which means your beneficiaries can access the assets as soon as you die. Helpful hint: The assets in a trust account can still gain value, such as rental income from properties or capital gains from money market investment accounts.
The most common myth is that a trust is expensive or just for the wealthy. In fact, there are many reasons why a trust may serve your needs better than a will. Some of these include blended families, caring for family members with special needs, and unmarried people with children.
Complexity and Cost Establishing and maintaining a trust can be complex and expensive. Trusts require legal expertise to draft, and ongoing management by a trustee may involve administrative fees. Additionally, some trusts require regular tax filings, adding to the overall cost.
DISADVANTAGES OF A TRUST Most importantly, a trust will cost more than a last will at the initial stage of planning and you have to provide more information up front.
The trust must keep part of its income rather than giving it all together to the beneficiaries. The beneficiaries must receive part or all of the trust's principal. A portion of the trust's assets must be distributed to charity organizations.
Maryland law protects spouses from being disinherited by the other. The rule of law called the elective share gives the surviving spouse the right to receive a fixed amount of the deceased spouse's estate.
A marital trust enables you, the grantor of the trust, to set aside assets and property for your spouse if you die before he or she does. These assets can include stocks, bonds, mutual fund accounts, bank accounts, real property, and more. A marital trust also allows you to pass these assets over to a spouse tax free.