Wait, why do I need a Trust?
That's a great question - provide peace of mind, control over asset distribution, minimize family disputes, protect your children's future, support cherished charities, to name a few. With Snug, it's also incredibly easy to do, so what are you waiting for?
Does a trust avoid probate in Virginia?
Yes, a trust can avoid probate in Virginia. By creating a trust, you transfer ownership of your assets to the trust, ensuring that upon your death, the assets held in the trust are not subject to the probate process.
How much does a Trust cost in Virginia?
In Virginia, the cost of setting up a basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts may cost even more. Online platforms like Snug provide more affordable options for creating wills and trusts, offering transparent pricing and quality estate planning services.
The overall cost of estate planning in Virginia can run up to around $6,350.
What type of trust do I need?
A Revocable Living Trust is the most common type of trust, as it can be altered or canceled during your lifetime. This type of trust offers flexibility, control over your assets, and can help avoid probate. Other types of trusts, such as Charitable Trusts or Special Needs Trusts, may be more suitable for specific situations.
How can I fund my trust?
To fund a trust in Virginia, you must transfer ownership of your assets to the trust. For real estate, this involves preparing a new deed for the property in the name of the trust. For bank accounts, contact your bank to change the account holder to the trust. Other assets, such as vehicles, personal property, stocks, bonds, and businesses must also be formally transferred to the trust.
Adding a house to a trust in Virginia can be a little more complex — the state has specific rules and regulations about it.
Who can be a trustee in Virginia?
In Virginia, any individual who is at least 18 years old and mentally competent can serve as a trustee. Corporations, such as banks or trust companies, are also eligible to serve as trustees if they are authorized to exercise trust powers within the state. Trustees must be capable of managing and taking care of property, and they cannot have been convicted of serious crimes, including felonies or crimes that involve dishonesty or a breach of trust.
How to change your living trust in Virginia?
To modify your living trust in Virginia, you must create an amendment to the original trust document. This amendment should clearly state your desired changes, such as adding or removing beneficiaries, changing trustees, or altering distribution instructions. Be sure to include the date, your name, the name of the trust, and the date the trust was originally established. Your amendment should be signed in the presence of a notary public, similar to the original trust document. If you have many changes to make, consider creating a restatement of the trust instead. A restatement allows you to rewrite your entire trust but keeps the original date and title of the trust which is beneficial when it comes to avoiding the need to retitle assets. In this restatement, include all the changes you want to make and these new provisions will completely replace the original ones.
How much does it cost to maintain a trust?
The biggest cost of maintaining a trust is usually trustee fees. In Virginia, trustee fees aren't governed by statutory guidelines but by a "reasonable fee" standard. Professional trustees usually charge a flat fee or a percentage of the trust assets (0.5% to 2% per year), while non-professional trustees may opt for an hourly rate, a flat fee, or a small percentage of the trust's assets. Generally, fees vary depending on how complex the trust is and the responsibilities of the trustee. Read more about trustee fees in Virginia.
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