What is a revocable living trust?

A revocable living trust is a legal document in Virginia state estate planning law that allows an individual to transfer their assets into a trust while they are still alive. This way they can account for how their assets are used and managed after they pass away. This trust can also be amended or revoked while the individual is still alive if their estate planning wishes change. The revocable living trust is managed by a trustee and has several advantages. It allows the individual to manage the trust’s assets without having to go through probate, saving time and money for the beneficiaries. It also allows for the management of assets and distribution of benefits in the event the individual becomes incapacitated. The revocable living trust also has a few drawbacks. It cannot be amended or revoked if the individual becomes incapacitated or passes away, and will have to be enforced by their trustee. Additionally, the revocable living trust may be subject to estate tax liability, depending on the value of the trust’s assets. It is important for individuals to speak with an experienced estate planning lawyer if they are considering creating a revocable living trust, as the attorney can help ensure that the trust is set up in accordance with the individual’s wishes.

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What is a revocable living trust?

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