FAQ Friday: Trust Agreements

On Friday, July 23rd at 11 a.m. EST, Mr. Berger discusses Trust agreements and formalities of execution.

What do you need to create a Trust? Property and a declaration of Trust, which gives them authority over property. An Oral Trust is valid under Maryland law, but written is much more secure. There are a lot of details and people can be forgetful.

The grantor can sign the trust agreement, and a witness or even two are best to make sure signatures were done. A notary is needed when there is a transfer of property. To be valid in other states, their requirements need to be met as well. This can mean meeting the requirements of a Will which require two witnesses.

Testamentary Trusts are within the Will, however it isn’t valid until after the death of the person has occurred.

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