You may want to leave your rentals to your children. But what if, a few years from now, you need to sell one to help pay for your own care? Or one child wants to manage the properties while another would rather receive money?

These are personal decisions, and your plans may change as your family’s needs change. As a Maryland attorney and investor, I would want you to understand how a trust affects those choices before transferring property into it.

A revocable trust generally allows you to change or revoke it while you have capacity. It can help plan how trust property will be managed and passed on, but its assets remain subject to your own creditors during your lifetime under Maryland law.

An irrevocable trust is generally harder to change and may require giving up certain rights or control. Some structures can support asset protection goals, but “irrevocable” does not automatically mean protected.

Before transferring a rental, ask who could approve a sale, whether you could access the income or proceeds, and what happens if your circumstances change. Wanting to provide for your children is understandable. Your plan should also account for your own needs and the decisions you may face along the way.

Have you talked with your family about whether they would want to keep your rentals or sell them?