Trusts are a popular part of estate planning. Trusts are appropriate for any person, of any net worth, and there are many types of trusts available. Lawyers specializing in Virginia trust preparation and administration can assist you in creating, distributing and managing your trusts. Contact our skilled trust and estate lawyers today.
Types of Trusts in Virginia
A trust can be either revocable or irrevocable in Virginia. Revocable trusts can be amended or altered by the Settlor (the person who created the trust) at any time. Irrevocable trusts are permanent and cannot be changed. Typically, trusts are drafted so that the trust assets benefit the Settlor during their lifetime and are later distributed to the beneficiaries.
Why Should I Create a Trust?
There are several different types of trusts, and each has a specific goal. A trust lawyer can help you draft a trust to accomplish your objective. Common types of trusts include:
- Charitable trusts
- Special needs trusts
- Marital trusts
- Trust for minors
- Generation skipping trusts
- Revocable trusts
- Irrevocable trusts
Benefits of Establishing a Trust
Trusts are a valuable part of estate planning. An experienced trust administration lawyer can help you draft and tailor your trust to:
- Maintain privacy
- Manage assets during incapacity
- Avoid probate
- Make charitable gifts
- Minimizing estate taxes
- Hold assets for minor children
- Provide inheritance for family members
Trust Administration
While many trusts are created to avoid the court supervised probate process, there is some legal work required to administer a trust. The trust terms and size of the trust will impact how difficult it is to administer.
After the Settlor of a trust passes away, the trustee (or successor Trustee) will typically assemble trust assets, pay debts of the Settlor, provide notice to the beneficiaries and file required tax returns for the trust. That’s a lot of legal legwork, especially for a person grieving the loss of a loved one.
A trust lawyer can help you during this process and ensure that the terms are properly followed, as well as helping with any litigation or disputes that arise concerning trust terms and administration.
Hire a Virginia Trust Lawyer
Whether you are looking to draft a trust or looking for someone to administer it, we can help.
If you are in need of an attorney’s advice, please contact Cook, Craig, and Francuzenko today. Our firm has attorneys who specialize in a variety of practice areas. With over 100 years of combined experience, we are seasoned professionals ready to help you.
