Virginia Living Trust Facts

In simple terms, a trust is a relationship in which a person, called a trustor, transfers something of value, called an asset, to another person, called a trustee . The trustee then manages and controls this asset for the benefit of a third person, called a beneficiary. An asset is any kind of property.

What really is the Virginia living trust? Trusts from Virginia have several uses and they can be of much benefit when properly set up and managed. One of the uses of a trust is to provide flexible control of assets for the benefit of minor children. A trust set up for the benefit of minor children can avoid the necessity of further legal proceedings, such as the appointment of a conservator. The meaning of creating a trust for a child is to assure the trustor that your child will be benefited but will not have control of the trust assets until your child is older. In establishing a trust, the trustor from Virginia has to select a trustee and specifically instructs the trustee how the assets will be used for the beneficiary. A trust for the benefit of minors often takes effect when both parents have died. Normally set up to provide for the support and care and education of your children until they have reached the age set by their parents to actually receive the assets being held by the trustee.

Trusts can be established during one's lifetime and its called the Living Trust. Also in a will to be created upon death. In either event, the tax benefits can be identical. Trusts are complex legal documents and not appropriate in all situations. Before establishing a trust you should seek legal advice. If you have questions, or need more information about trusts, contact an attorney who is knowledgeable on trust and estate planning matters.

Often on the death of one spouse, a trust is created to provide for the surviving spouse. Such a trust can be created under the terms of a revocable living trust or a will. Either way, the estate tax consequences are not affected. In larger estates, the use of a trust can postpone and reduce death taxes, and, at the same time, allow the survivor to have the benefit of the support for life from the trust assets. For more information about living trust and Virginia Living Trust visit your local court house or visit Firstgov.gov

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