What is a living trust?

A living trust is a legal document created during a person’s lifetime that outlines how their estate (or property) will be managed and distributed after their death. The person creating the trust is known as the grantor, and the person managing and distributing the estate after the grantor’s death is called the trustee. In Virginia, living trusts are commonly used to manage the property of the grantor, including real estate and personal belongings such as jewelry, stocks, and other valuables. Living trusts are revocable — meaning the grantor can make changes to the trust and terminate it if they wish. This is in contrast to a will, which is irrevocable once the grantor dies. Living trusts are also private — meaning the information in the document is not available to the public, unlike a will which must be filed with the probate court. Living trusts can also help with avoiding probate. When a person passes away, their estate must go through the probate process, which can take a substantial amount of time and money. By placing assets into a living trust, they are removed from the probate process and may pass directly to the grantor’s beneficiaries upon their death. Living trusts can be complex and having an experienced attorney create and administer your trust is often a good idea. It’s also important to review and update your trust regularly to ensure all assets and beneficiaries are up to date.

Related FAQs

What powers do executors of wills have?
How can I ensure that my will is up to date?
How do I make a will?
How long does probate take?
What is probate and how does it work?
Can a will be challenged if it was executed under duress?
What is a pour-over will?
What is required for a will to be witnessed and signed?
How do I distribute assets through a will?
How do I change the executor of a will?

What is a living trust?

Related FAQs

Related Blog Posts