How to help charities with a Charitable Remainder Trust in your Last Will and Testament

Have you ever wanted to help your favorite charities once you are no longer here. In fact there is a way to incorporate what we call a Charitable Remainder Trust in your Last Will and Testament in order to provide for your favorite charity. The great thing about this is the fact the assets that actually are designated for the charity are not subject to estate tax and go directly to the charity. The reason for this is the fact that it is a matter of public policy and good legislation that the amount of assets that go to the organization be maximized in order to support these causes. Essentially what you have to do is in multiple steps and works like this. First choose the organization where you would like your assets to go to. In addition, you need to have an attorney prepare your Last Will and Testament in order to designate exactly what percentage of your assets is to go to the organization. What will happened is that upon your passing your estate will be distributed according to your Last Will and Testament that was created by an attorney. In that Will is how it will be determined what percentage of those assets will actually go into the Charitable Remainder Trust. In that trust the assets will be ready to be distributed to your cause in exactly the method that you desired. So if for example you want the assets to first be held in the trust for a couple years and then after that to be distributed on a monthly basis then this will be outlined in your Will. This is a great method of not only taking advantage of tax saving strategies because that portion is not taxable but also serves to help your favorite charges. The Will is actually created by a Maryland attorney who in turn will listen very carefully to exactly how you would like your estate divided up upon your passing. So lets say for example there is a situation where you want part of your estate to go to specific person and the other portion to another individual, by utilizing this legal document prepared by a Maryland attorney you can very easily avoid all of the litigation and legal costs that may occur if you do not have a Will. The process is very straightforward and simple if you retain a qualified Maryland Attorney to prepare it for you. If there is a Maryland will with clear language that lays out exactly who should receive the assets then the courts will really not need to look at the facts and circumstances of each case. On the other hand they can simple refer to the will which was prepared by a Maryland Attorney in order to determine exactly who should receive the assets. This will help to avoid a lot of costly litigation and legal costs that occurs when there is a dispute about the division of an individual’s estate. Otherwise the heirs of the estate who believe that they are entitled to the assets will have to hire their own probate attorneys in order to recover what they believe belongs to them. This of course carries a lot of litigation costs and attorney costs that could have easily been avoided by utilizing the services of a Maryland Attorney to create your Will.