What is a living trust?

A living trust is a type of legal arrangement used in Virginia elder law. It allows people to have more control over their assets, such as property and money, while they are still alive. This type of trust also has advantages in the event of the owner’s death. Unlike a regular will, a living trust does not have to go through probate, which is the court process by which a will is validated. In a living trust, the person creating the trust, known as the grantor, chooses a trustee to manage the trust and assets, usually a family member or close friend. The grantor also names beneficiaries who will receive the assets. The grantor can make changes to the trust as long as he or she has the mental capacity. The trustee has the responsibility of managing the trust assets for the benefit of the beneficiaries. He or she must follow the instructions provided by the grantor. The trustee also monitors investments, maintains records, and distributes assets according to the terms of the trust. Living trusts can be a valuable tool for estate planning in Virginia elder law. They allow grantors to have more control over their assets and can save time and money for the beneficiaries by avoiding probate.

Related FAQs

How can I protect my elderly parents from financial exploitation?
What is the difference between long-term care insurance and health insurance?
What are the different types of trusts?
What are the legal rights of the elderly?
How can I prepare an estate plan?
How can I protect my assets during my lifetime?
What is a health care directive?
What is elder financial abuse?
What is a HIPAA waiver?
What is the difference between a guardianship and a power of attorney?

What is a living trust?

Related FAQs

Related Blog Posts