Living trusts are becoming an increasingly popular estate planning tool for Virginia residents. Unlike a will, a living trust allows your assets to bypass probate, which can save your family time and money during an already difficult time.

What is a Living Trust?

A living trust is a legal document that places your assets into a trust during your lifetime, then transfers them to beneficiaries upon your death. The three key components are:

• Grantor: The person who creates and funds the trust
• Trustee: The person who manages the trust assets
• Beneficiaries: Those who receive the trust assets

Virginia-Specific Considerations

Virginia law provides several advantages for living trusts:

• No state inheritance tax on assets passing through a trust
• Faster distribution of assets (typically 3-6 months vs. 9-18 months for probate)
• Reduced court costs and legal fees

When a Living Trust Makes Sense

Consider a living trust if:

• You own property in multiple states
• You want to provide for a blended family
• You have concerns about potential incapacity
• You value privacy (trusts don't become public record)