Legal Question in Wills and Trusts in Maryland

Re: trust

A living trust is active during the life of the settlor, that is it operates during the life of the person who makes the gift to the trust. A will, on the otherhand, operates only upon the death of the person who makes a bequeathal, that is a will becomes effective as to the gifts only when the testator (the gift giver) dies. Each of these legal instruments have different purposes and costs vary depending on the size of the gift and the legal objectives.

A living will is not the same as a living trust. A living will is often referred to as an advanced directive. An appointment of health care agent is another document that may apply where an advanced directive is recommended.

Similar to a living trust, a power of attorney is effective during the life of the grantor (the person who gives the power to another). A power of attorney may enter into transactions on behalf of the grantor but the person to whom the power is granted is not an attorney at law. Powers of attorney can vary significantly based upon the parameters of the power to be granted. A power of attorney may or may not be durable (which means that it survives incapacitation of the grantor). An executor becomes effective over the estate of a testator only at death. A power of attorney has no legal effect upon the death of the grantor.

If you would like to establish documents such as these, you should contact an attorney to discuss your objectives. There are various options to accomplish these objectives and you should ensure that you are taking the steps that are most prudent to your situation.

My fees for these documents are reasonable. (410) 799-9002