SoMD Estate Planning

Estate Planning Attorneys in Southern Maryland

real estate

The Estate Planning Implications of Owning Property in Multiple States

If you own real property in more than one state — perhaps a vacation home at the beach or inherited land in another state — your estate could face ancillary probate in each state where you own property. This means multiple court proceedings, multiple sets of legal fees, and multiple delays. A revocable living trust solves this problem by holding all your real property in one trust, regardless of location, avoiding probate in every state.

At SoMD Estate Planning, we stay current on evolving legal issues to protect Southern Maryland families. Contact us about our $1,500 flat-fee estate plan.

Joint Ownership vs. Trusts: Which Is Better for Avoiding Probate?

Both joint ownership and trusts can help your assets avoid probate, but they work very differently and carry different risks. Joint tenancy with right of survivorship is simple — the surviving owner automatically gets the property. But it exposes the asset to the co-owner’s creditors, potential lawsuits, and divorce proceedings. It can also create unintended gift tax consequences. A revocable living trust avoids these risks while providing the same probate avoidance benefit, plus incapacity protection and privacy.

At SoMD Estate Planning, we stay current on evolving legal issues to protect Southern Maryland families. Contact us about our $1,500 flat-fee estate plan.

How to Fund a Revocable Living Trust: A Step-by-Step Guide

Creating a revocable living trust is only half the job — the trust only controls assets that have been transferred into it. Funding your trust means re-titling assets in the trust’s name. For real estate, this requires recording a new deed. Bank and investment accounts need to be retitled or have the trust named as beneficiary. Retirement accounts typically name the trust as contingent beneficiary. Personal property can be transferred via an assignment document. Any assets left outside the trust at death must go through probate.

At SoMD Estate Planning, we help families across Southern Maryland create comprehensive, personalized plans. Contact us about our $1,500 flat-fee estate plan.

Estate Planning for Homeowners: Protecting Your Biggest Asset

For most families in Southern Maryland, their home represents their single largest asset. How your home is titled directly affects what happens to it when you die. Property titled solely in your name goes through probate. Transferring your home into a revocable living trust avoids probate entirely while maintaining your full control during your lifetime. Joint tenancy with right of survivorship is another option but offers less flexibility.

At SoMD Estate Planning, we help families across Southern Maryland create comprehensive, personalized plans. Contact us about our $1,500 flat-fee estate plan.

What Happens to Your Home When You Die Without a Trust in Maryland?

For most Maryland families, their home is their largest asset. Yet many homeowners in Southern Maryland have not planned for what happens to their property when they pass away. Without a trust or other probate-avoidance strategy, your home will go through the full probate process — costing your family time, money, and stress.

Your Home and Probate

When you die, any real property titled solely in your name becomes a probate asset. In Maryland, this means the Orphans’ Court oversees the transfer of your home to your heirs. Your family cannot sell, refinance, or transfer the property until the probate process is complete — which can take six months to over a year.

How a Trust Protects Your Home

By transferring your home into a revocable living trust, you retain full control during your lifetime but ensure the property passes to your beneficiaries immediately upon your death — without probate. Your successor trustee can manage, sell, or distribute the property according to your wishes without court involvement.

Other Options for Homeowners

Joint tenancy with right of survivorship automatically transfers ownership to the surviving co-owner. However, this approach has limitations — especially if you want the property to pass to someone other than a co-owner. A trust provides more flexibility and control.

If you own a home in Charles County, Calvert County, St. Mary’s County, or Prince George’s County, proper planning for your real estate is essential. Contact SoMD Estate Planning to discuss the best approach for your situation.