What is a revocable living trust?

A revocable living trust is a legal document used to manage and assign assets during an individual’s life, and after their death. In Virginia, these trusts are created and managed by a person known as the “grantor” or “trustor”, who appoints a trustee or trustees to manage the trust property. The trust has provisions that allow the grantor to retain full control over the trust property, as well as the power to modify or revoke the trust at any time. The grantor also has the ability to name beneficiaries to receive the assets upon their death. These assets can include real estate, stocks, and other property and investments. One of the benefits of having a revocable living trust is that it avoids the lengthy and expensive probate process that would be necessary to assign assets to designated heirs after an individual’s death. Other benefits include the ability to protect assets from creditors, provide for special needs family members, and protect assets from taxes. In Virginia, the trust must be signed, dated, and witnessed in accordance with state law. The trust must also contain language that expressly states that it is revocable, meaning that the grantor has total control over the assets and can revoke or modify the trust as they see fit.

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