What is a living trust?

A living trust is a legal document that a person creates to dictate the management and distribution of their assets (such as real estate, stocks and investments, and personal possessions). It is a way for a person to protect their assets and their heirs. The trust is called “living” because it becomes effective while the individual is still alive. In Virginia, creating a living trust allows individuals to avoid probate court proceedings, as assets held in the trust are not subject to the same rules and regulations. Additionally, a living trust allows individuals to maintain control over their assets, since they can appoint a trustee to manage the trust assets according to their wishes. Living trusts can also be used to provide for a person’s loved ones. The creator of the trust can appoint a trustee to manage and distribute the assets in the trust, according to the creator’s wishes. This could be used to provide for the care of a spouse, children or other dependents. Living trusts typically include instructions for the distribution of the trust assets when the creator dies. The trust will also name a beneficiary who would receive the remaining assets, if any, after the creator’s death. Overall, a living trust is a great way for a person to protect their assets and provide for their heirs. However, it is important to always consult with a qualified attorney when creating a living trust, in order to ensure that all of the legal requirements are met.

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What is a living trust?

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