Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children - Virginia 2026

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  1. Click ‘Get Form’ to open the Living Trust document in our editor.
  2. Begin by filling in the 'Name of Trust' section. Enter the desired name for your trust, ensuring it reflects your intentions.
  3. In the 'Identification' section, provide your full name and address as the Trustor. List your children as beneficiaries, ensuring their names are accurate.
  4. Designate a Trustee by entering their name in the 'Trustee Appointment' section. If applicable, include a Successor Trustee's name.
  5. Detail the assets included in the trust under 'Assets of Trust.' Attach an Exhibit A if necessary to list all properties and assets.
  6. Review sections regarding Trustee powers and administration to ensure they align with your wishes for managing trust assets.
  7. Finalize by signing and dating the document. Ensure that any required witnesses or notary acknowledgments are completed.

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A living trust in Virginia is an estate planning option that allows you to place your assets in trust while continuing to use and control them. The trust passes the assets to your beneficiaries after your death. A revocable living trust (inter vivos trust) offers unique control and flexibility.
The surviving spouse must be the sole beneficiary of a marital trust. Once the surviving spouse dies, the assets in the trust typically pass to surviving children. A marital trust also involves the principal, which are assets initially put into the trust.
If a couple creates a revocable living trust together and one spouse passes away, the surviving spouse continues acting as the trustee during their lifetime. The surviving spouse still has the same power they had before their spouses death to amend the trust or revoke the trust.
The trust becomes irrevocable upon the death of the decedent-grantor, or. The trust was created by will, and the trustee is required to distribute all the net assets in trust or free of trust to both charitable and noncharitable beneficiaries.
In Virginia, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (its similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

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For the most part, you are unable to completely avoid paying taxes on living trusts. The trust remains part of the grantors taxable estate, and any income earned by trust assets is taxed to the grantor. Potential for legal disputes.
Virginia Intestate Succession Estate Distribution When you have a surviving spouse but no descendants (children, grandchildren, or great-grandchildren), your spouse inherits everything.

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