What is trust planning?

Trust planning is a legal process in which an individual or a family creates a trust to manage assets and provide for future beneficiaries. Through this process, individuals and families can protect their assets and ensure that they are distributed according to their wishes upon death or after other life events. Trust planning involves the drafting of documents and the transfer of assets to the trust, as well as choosing the proper trustees and beneficiaries. The documents created during trust planning will express the intentions of the individual or family who created the trust, such as designating the trustees and beneficiaries, specifying how the trust assets will be managed, and specifying how the trust funds will be distributed upon death or other life events. In Virginia, trust planning is governed by state laws and regulations and has to comply with the legal requirements of the particular state. Additionally, trust planning in Virginia must comply with the Internal Revenue Code. Proper trust planning can help individuals and families meet their estate planning objectives while avoiding probate, taxes, and other legal issues that can arise from improper trust planning.

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What is trust planning?

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