What’s the difference between a Will and a Trust?
A: A Will is like a celebrity breakup announcement — public and may be quite messy. In Maryland, when someone dies, their Will must be filed with the Register of Wills and it becomes public record. The probate process generally involves letting the Court know who gets what and getting their stamp of approval, but it is about as fast as airport security on a holiday weekend. A Trust, on the other hand, is more like a secret, private wedding: controlled, and potentially less drama. It also seems to work behind the scenes as a Trust does not become public record at death, nor is it filed with any Court. A Trust can manage assets during your lifetime and after, and the transition between fiduciaries is in most cases, seamless.  

Q: Does a Trust avoid probate?
A: Yes. Assets properly titled in a Trust generally skip probate, possibly saving your loved ones time, money, and a few gray hairs. This is particularly beneficial if you own property in more than one state.  Without a Trust, probate would be required in every state in which you owned real property.

Q: Should I transfer my house to my children now or wait?
A: Slow down — this isn’t a flash sale. Transferring your home too early can cause capital gains tax issues, affect your eligibility for benefits, and/or expose your house to your children’s creditors. Sometimes waiting (or potentially the use of a life estate deed) is the smarter, less dramatic move.

Q: Do I really need a Will if I have no assets?
A: If you have people, pets, or preferences, yes. Even celebrities with “nothing to worry about” end up proving that planning ahead beats leaving chaos behind. A Will can name guardians for minor children, choose an executor (or Personal Representative, in Maryland), and prevent the state from making decisions you wouldn’t like. Even if you feel “asset-light,” having a plan beats leaving a legal mystery behind.