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Home | Wills & Estate Planning | Living Trust | Virginia Living Trust

Create a Virginia Living Trust

To keep a property in trust means that it is owned by that trust, not by you. A good way to understand trusts is to think of it as though you are creating a separate legal entity, like a person, whose only job is to own your property. A living trust is the legal tool used for estate planning purposes. When you create that type of trust, you pick yourself to control it by appointing yourself as the main trustee. You tell your trust who gets to control the property it owns during your lifetime and then appoint a new trustee who will go into effect after your death. In this way, your property never changes ownership, just who controls it.

The main benefit of creating a living trust is that in most states, it allows you to avoid the hassles of probate court.

If you choose to create a living trust, you will typically need what is called a pour-over will. It provides for the distribution of any property that is not included in the trust, such as checking accounts or cars. It will also allow you to name a guardian for any minor children. This type of will is included in the LegalZoom Living Trust.

If you're looking for more information about a living trust in Virginia, check out LegalZoom's online legal library. Ready to set up your living trust? Simply fill out LegalZoom's easy-to-follow online questionnaire. We'll prepare your legal documents to Virginia's specifications and include a pour-over will to take care of any assets your Virginia living trust cannot. With LegalZoom, plan your estate's future, today.