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

Living Trust for Individual Who is Single, Divorced or Widow or Widower with Children - West Virginia 2025

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The document is a Revocable Living Trust Agreement established in West Virginia, outlining the terms under which the Trustor creates a trust for their benefit and that of their children. It details the appointment of trustees, management of trust assets, powers granted to trustees, distribution of assets during the Trustor's lifetime and after death, and provisions for incapacity. The agreement emphasizes the Trustor's rights to amend or revoke the trust and specifies how assets will be managed and distributed among beneficiaries.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

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

Yes. There should always be a will (or Trust). If you only have one child/beneficiary, and if you trust that person, I HIGHLY recommend making all accounts TOD or POD. This bypasses probate, and beneficiaries trump wills/trusts. Same for any insur

What happens to a living trust when one spouse dies?

Individuals may find it challenging to keep up with the constant updates and changes required, leading to potential confusion and complications down the line. Another aspect that draws complaints is the impact of transfer taxes and the need for refinancing when assets are transferred into a living trust.

What is the biggest mistake parents make when setting up a trust fund?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

How does a living trust work when one spouse dies?

Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.

What is the downside of a living trust?

10 things you need to do when your spouse dies Get legal, tax and financial advice. Make funeral arrangements. Apply for government benefits. Contact your spouses past and recent employers. File life insurance claims. Call your bank or other financial institutions.