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Putting together a trust may sound like something for the very old or the very wealthy but that is far from the case. We all know that life is fragile and having a plan in place to preserve your assets and pass them on to your loved ones should tragedy strike you is just smart thinking. Such a plan will allow you to pass on what you have built over a lifetime according to your wishes and to protect what matters most to you and your family. A trust can also provide other instructions so that, should you be unable to speak for yourself, your family knows how you want certain matters decided.
At Legacy Law Centers, serving clients in and around Ashburn, we can guide you through all of the necessary steps of creating your trust. We will always ensure that you fully understand each facet of your trust so you are fully familiar with how it works while you remain alive as well as when you pass on. Our goal is to give you the comprehensive help you need so that you can carry on with confidence knowing that your legacy is safe and secure through proper legal means.
Understanding a Revocable Trust
A revocable trust is a legal written contract. It names someone, called the trustee, whose job is to care for the property and assets of the person creating the trust (called the trustor) for the benefit of the trustor’s beneficiaries. This is done by transferring title of the trustor’s property and assets into the separate legal entity of the trust. The trustee then manages the trust assets on behalf of the beneficiaries.
A revocable trust is one that can be changed at any time in the future. The changes are called amendments and are done through what is labeled a “restatement.” Trusts are also called “living trusts” because they are created by you as the trustor while you are alive. In a revocable living trust, you can name yourself as the initial trustee to manage your own assets and property while you remain alive. You also name trustees to take over should you 1. become incapacitated and be unable to take care of your financial matters or 2. pass away. Your property and assets are then distributed to your heirs and beneficiaries by your named trustees according to the instructions you have provided in the trust.
A revocable living trust is just one kind of trust. Other types exist and can be created according to your needs and wishes. These may include:
- Irrevocable trusts
- Charitable trusts
- Special needs trusts
- Asset protection trusts
- Spendthrift trusts
- And more
Get Help with Creating Your Revocable Trust from an Experienced Estate Planner
To get started with your trust, you will need to name a trusted person to manage your trust once you are gone. You will also need to list all of the assets you will be placing into the trust along with a list of your beneficiaries and how and when you wish them to receive specific assets. You will want to ensure that your trust is properly drafted and executed to ensure that it complies with Virginia law and that it meets all of your particular objectives.
At Legacy Law Centers, serving clients throughout the greater Ashburn area, we not only offer the knowledge and experience of our attorney but a wide network of additional resources, such as financial experts to tax planners and more. We are here to ensure that your trust is customized to fit your unique circumstances and needs so that you can have peace of mind knowing protections are in place.
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