Virginia Living Trust
Think a living trust, sometimes called an inter vivos trust , is an estate planning option only appropriate for only the highest net-worth individuals? Think again. Living trusts offer individuals an alternative to relying on a standard will to direct the disposition of their assets upon death. Across Virginia—indeed, across the entire United States—people are discovering that these flexible legal arrangements can offer many benefits regardless of their estate’s value. For example, consider these four benefits that make living trusts a compelling estate planning option.
A Living Trust Avoids Probate
Generally, probate is more expensive and tedious than the distribution of assets through a living trust. When the courts oversee the distribution of your property (as they do in probate), your heirs often face lengthy waits between the various accountings which must be filed. Living trusts allow property to transfer without the intervention of the court system, meaning your heirs will receive their legacy sooner and avoid unnecessary expenses.
Keep Matters Private by Using a Living Trust
The details of a will are a matter of public record. Living trusts are not. A last will and testament must be filed with the court. If you would like to keep the details of your estate private, using living trusts is an excellent way to accomplish that. Of course, circumstances such as litigation may arise and subject your trust to public scrutiny, but generally speaking, a living trust is an effective way to keep your private matters private.
Flexibility
Living trusts are flexible documents. A skilled estate planning lawyer can tailor one to accomplish your goals and specifications.
Peace of Mind
A standard will goes into effect upon your death. While planning for that inevitable day is important, it does nothing to direct the use of your assets in the event that you become incapacitated. A living trust allows you to name a trustee that can take over control of your assets–without court supervision–when you are no longer able to do so yourself. As an added bonus, control of the trust is revocable while the trust creator is alive, so if a disagreement arises over how assets are to be used, the trust creator who has regain his capacity to manage his own affairs can simply opt to take back control.
If you are considering creating a living trust in Virginia, contact my office to schedule a time to meet. During our consultation, I can discuss how to structure estate plan. I can also recommend other measures you may need to take, such as creating a pour-over will, to protect the assets you have worked for all your life.
Law Office of Ryan C. Young, PLLC | Richmond, Virginia | Inter Vivos Trust
