Question 1

What is the difference between a will and a living trust?

Accepted Answer

A will is a legal document that specifies how your assets should be distributed after your death and must go through probate court. A living trust transfers asset ownership to a trust during your lifetime, allowing your estate to bypass probate entirely, which saves time, reduces costs, and maintains privacy.

Question 2

Do I need both a will and a living trust?

Accepted Answer

In many cases, yes. A living trust handles the assets you place into it, but a pour-over will acts as a safety net to transfer any remaining assets into the trust at death. The will can also address matters a trust cannot, such as naming guardians for minor children.

Question 3

What happens if I die without a will in Maryland?

Accepted Answer

If you die intestate, meaning without a will, Maryland law determines how your assets are distributed among surviving family members. This may not reflect your actual wishes, and it can result in lengthy court proceedings, higher costs, and family disputes.

Question 4

How much does it cost to set up a will or living trust?

Accepted Answer

Costs vary based on complexity. A basic will can be relatively affordable, while a comprehensive living trust with supporting documents typically costs more. EmpowerU connects you with trusted estate planning professionals and helps you understand your options so you can make an informed decision.

Question 5

When should I update my will or living trust?

Accepted Answer

You should review your estate plan after major life events such as marriage, divorce, the birth of a child, a significant change in assets, or the death of a beneficiary or executor. EmpowerU recommends reviewing your documents at least every three to five years to ensure they still reflect your wishes.

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