REVOCABLE LIVING TRUST IN MARYLAND
WHAT IS A REVOCABLE LIVING TRUST (RLT)?
A revocable living trust (RLT) is a legal document that includes instructions for who you want to handle your final affairs and who you want to receive your assets after you die.
An RLT, much like a will, is a way to put your wishes down in writing. However, while a revocable living trust is a private disposition of your assets that does not need to be submitted to the register of wills, a last will and testament is completely public and does need to be submitted to the register of wills for probate proceedings.
A revocable living trust is often used as a will substitute to avoid the probate administration process. However, a will and revocable living trust often complement each other. Thus, a pour-over will is used along with an RLT to make sure that all assets, even those that were not titled in the name of your trust during your lifetime, will still be distributed pursuant to your wishes you indicated in your revocable living trust.