Settlor and Trustee Instructions for Revocable Trust - Virginia: Fill out & sign online

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Can a trustee and settlor be the same person?

Can a Settlor Be a Trustee? Yes, the settlor of a trust may also be a trustee. A trust may also have more than one settlor and more than one trustee. This is a common arrangement, for example, when married couples create a trust together.

What does settlor mean in a trust?

The settlor is the party that creates a trust, usually the donor. The settlor transfers legal title in some asset to the trustee. The settlor then provides in the trust instrument how that trust property is to be used for the beneficiaries. In the case of the inter vivos trust, the settlor can also be the beneficiary.

Is a settlor and Grantor the same thing?

The Trustor (also known as a Settlor or a Grantor, depending on the attorneys preference) is the person who creates the Trust (i.e. the person who owns assets, like a home, and wishes to transfer those assets to a Trust).

Can the settlor of a trust also be the trustee and beneficiary?

A person called the settlor (or trustor) creates the trust and puts the property in the trust. The settlor, trustee, and beneficiary can be different people. But, one single person could be the settlor, trustee and beneficiary.

How do I set up a revocable living trust in Virginia?

To create a living trust in the state of Virginia, you must have a written trust document signed in the presence of a notary. The trust wont be official until you have transferred your assets into it. Living trusts may offer up a variety of benefits that will help you in the long run.

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