Three Common Questions About Trusts in Virginia

Establishment of a trust as part of your estate plan is a common goal for an increasing number of people. There are many different advantages that can be levied using a trust, but it is important to work with a qualified Virginia Beach, Virginia estate planning attorney.

What Are the Biggest Reasons For Using A Revocable Trust?

It is certainly true that there are more asset protection planning benefits associated with using an irrevocable trust, which means that you’re unable to change the terms of the trust or eliminate the trust itself in the future.

A revocable trust, however, does have some advantages, including that it can be revoked or amended. If you have real property in a jurisdiction outside the Commonwealth of Virginia, want to manage assets in trust after death, or want to avoid probate, these may be strong considerations for using a trust.

How Do I Incorporate Different Percentages to My Children Through A Trust?

Many parents frequently have concerns over this question because there are no requirements that a trust creator must leave equal assets to their children or any assets at all. Working with an experienced Virginia Beach, Virginia estate planning lawyer can help you to include the right language in your trust to address specific percentages or assets that you want to leave behind.

What If I Don’t Want to Leave Any Assets to A Child?

There are many different circumstances that might lead you to want to exclude someone from your estate plan. There are no strict rules about any child getting any of your assets upon your death. If you wish to preclude a child from receiving any assets, incorporating this language in a careful and strategic way with the help of her of a Virginia Beach lawyer is crucial for getting this documented.