Maryland Estates and Trusts Law
Effective October 1, 2010, there is an important change in Maryland’s Estates and Trusts law that applies to all married couples.
Most married couples in Maryland hold title to their home as tenants by the entireties. This form of vesting provides that if one spouse dies, full ownership of the home automatically shifts to the other spouse without the need for probate.
New Maryland Estates and Trusts Law
The new statute provides that, if property held by a husband and wife as tenants by the entireties is conveyed into a trust, it will still be protected from the claims of their individual creditors. This protection continues as long as:
- The couple remains married
- The property continues to be held in the trust
- Both the husband and the wife are beneficiaries of the trust
Reliance on the new law as an asset protection strategy when facing bankruptcy or other financial concerns will require the careful advice of experienced legal counsel. The protection may be waived under many circumstances.
Contact an Experienced Attorney
The attorneys of The Law Firm of Ann Shaw, P.A. have extensive experience representing Eastern Shore clients in bankruptcy law, real estate law and estate planning matters and can use their experience to formulate an effective asset protection strategy tailored to your needs.
To contact us for experienced legal service in Salisbury, Maryland, call 410-202-8029 or 866-986-2096. We are conveniently located just one block from the Salisbury courthouse.
