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How does a living trust work in Virginia?

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.

Do all trusts become irrevocable at death?

The general rule of thumb is that both grantors must die before the terms of the trust become irrevocable. This is the default, but, as with many things legal, there are ways to change this.

Is a trust better than a will in Virginia?

A will cant distribute assets unless there is a probate court. Thus, a trust saves taxpayers time and money in the long run. You can avoid probate in any state if you own property and have a trust. Virginia has a small estate procedure if you own under $50,000 worth of property in the state.

What is the difference between a will and a trust in Virginia?

The main difference is that a will is simply a set of instructions about the distribution of your assets to be implemented after your death, whereas a trust allows your or someone designated by you as a legal representative to use your wealth according to your instructions even while you are alive.

What is an irrevocable trust in Virginia?

An irrevocable trust is a trust that cannot be revoked or amended by the creator of the trust, with some limited exceptions. Irrevocable trusts have more stringent guidelines than revocable trusts, but offer some protections that a revocable trust cannot.

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What is the downside of a trust?

One major disadvantage is that they can be complicated and expensive to set up. Although the idea of avoiding probate costs is attractive, its important to realize that trusts come with their own costs, including legal fees and compensation for the trustee, if needed.

What assets are subject to probate in Virginia?

Probate assets can include vehicles, real estate, bank and brokerage accounts, and personal belongings (for example, jewelry, home furnishings, artwork, and collections). Life insurance proceeds that are payable to the estate (not a named beneficiary) are also probate assets.

Does a trust avoid probate in Virginia?

Living Trusts 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).

How do you make a revocable trust irrevocable?

If the grantor or creator of a revocable trust dies, this can trigger the trust to become an irrevocable trust. The reason for changing from revocable to irrevocable at the grantors death, is to lock down the trust assets for proper distribution to family members and other later named beneficiaries or loved ones.

Does a living trust avoid probate in Virginia?

Living Trusts 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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How does a living trust work in Virginia?

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