A Virginia revocable living trust is important for several reasons:
Jan 15, 2023
- Avoiding Probate: A Virginia revocable living trust can help to avoid the probate process, which can be time-consuming and costly. When assets are transferred into a living trust, they are no longer considered part of the grantor’s estate, and therefore do not need to go through a Virginia probate upon the grantor’s death.
- Privacy: The Virginia probate process is a matter of public record, which means that anyone can see the details of the deceased person’s assets and beneficiaries. A living trust, on the other hand, is private and its contents are not made public.
- Control: A Virginia living trust allows the grantor to retain control over the assets in the trust while they are alive. They can make changes to the trust or revoke it at any time.
- Planning for Incapacity: A Virginia living trust can also be used to plan for the possibility of incapacity. The grantor can name a successor trustee to manage the trust assets in the event that they become incapacitated.
- Minimizing Estate Taxes: A Virginia living trust can also be used to minimize estate taxes. By properly structuring the trust and utilizing estate tax exemptions, it may be possible to reduce the amount of taxes owed on the trust assets.
- Providing for Beneficiaries: A Virginia living trust can provide for beneficiaries in a way that is tailored to their specific needs. For example, a trust can be set up to provide for a beneficiary with special needs, or to provide for minor children until they reach a certain age.
It’s important to consult with a Virginia estate planning attorney to ensure that your specific goals and concerns are addressed in your revocable living trust.