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Click ‘Get Form’ to open the Living Trust document in our editor.
Begin by entering the date at the top of the form, followed by the names of the Trustors (husband and wife) and their address in Virginia.
In Article I, specify the name of the trust. This can be customized as per your preference.
Proceed to Article II to identify the beneficiaries. Fill in your child's name as the primary beneficiary after both Trustors pass away.
In Article III, appoint a Trustee. You can designate one of the Trustors or another individual as a Successor Trustee if needed.
List all assets intended for inclusion in Article IV. Attach an Exhibit A detailing these assets.
Review Articles V through XII for additional provisions regarding trustee powers, administration, and distributions to ensure they meet your needs.

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Do you need a living trust if you only have one child?

Your estate plan is entirely your decision, and you are free to leave your assets to others, such as other family members, friends, or charitable organizations, should you choose. If you do wish to leave something to your child but are concerned about their ability to manage it, a trust can be an excellent solution.

How much does it cost to set up a living trust in Virginia?

If shielding assets from creditors is a concern, separate trusts usually offer greater protection. With a joint trust, if a creditor obtains a judgment against one spouse, all trust assets may be at risk. A spouses trust is generally protected from the other spouses creditors.

Do you need a trust if you have only one child?

People with fewer assets, a modest estate, or just a relatively simple estate distribution plan most likely dont need a living trust, which, incidentally, generally has more upfront costs than writing a willand that may also be a consideration in deciding whether you need to include a living trust in your estate plan