![]() A living trust won’t protect any assets from estate taxes. While the state of Virginia doesn’t place an estate tax on estates, it does have a federal estate tax that applies to any estate that is over 5 million dollars. Living Trusts And Estate Taxes In Virginia However, it doesn’t offer the same benefits that trust will provide. The procedure is much quicker than a probate case and much less expensive than setting up a trust. Virginia has a small estate procedure if you own under $50,000 worth of property in the state. You can avoid probate in any state if you own property and have a trust. Thus, a trust saves taxpayers time and money in the long run. A will can’t distribute assets unless there is a probate court. ![]() By choosing a trust, you can avoid this type of issue and move your money or assets directly to your beneficiaries upon your death without having to involve the courts at all.Ī trust isn’t like a will. ![]() Probate can cost several months in a courtroom and be very expensive. However, you cannot alter an irrevocable living trust.īy choosing a living trust, Virginia law allows you to keep your own trust assets out of a probate court. You can change this person at any time during your life. This person will be able to continue managing and making decisions on your trust. You’ll have to select a successor trustee so that they can step in upon the event of your death. However, most people will name themselves and then maintain control of their own assets. When you set up your living trust, you will have to name a trustee and put them in charge of caring for and managing the trust. Some of your assets aren’t moveable such as retirement accounts and life insurance. The goal here is to move your assets into a trust fund before you are incapable of caring for them. The assets in the trust will be managed for your benefit while you’re still alive. Living Trusts In VirginiaĪ “grantor” is a term given to the party who sets up the trust. A living will offers you a unique way to manage your assets. At the time of your death, these things will pass into your beneficiaries’ hands. If you’re seeking a living trust in Virginia, there are some details that you’ll want to know regarding placing your assets into a trust while you continue using and controlling them.
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