What is a revocable living trust?

A revocable living trust is a legal document that can be used for disability planning in Virginia. This type of trust allows an individual to designate a Trustee to manage assets in the event they become incapacitated and can no longer manage the assets themselves. The Trustee can manage and distribute the assets according to the terms of the trust and can act as a personal representative for the incapacitated person. The individual that creates the trust, the grantor, is able to choose who will be the Trustee and can even name themselves as the Trustee. Once created, the Trustee is duty-bound to manage the assets in the trust accordingly. The trust is considered to be revocable in Virginia, meaning that the grantor can change or revoke the trust during their lifetime and can change any of the provisions in the trust. A revocable living trust offers disabled individuals the opportunity to have their assets managed by someone they trust, even if they become incapacitated. The trust is an important document in disability planning and can provide the disabled individual with financial security even if they can no longer manage their own assets.

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