Did you spend enough time on this site to know whether or not you should create a living trust? You should have learned what a living trust is, the advantages of a trust, the different types of trusts, how to fund your trust, how to avoid trust scams and why we strongly recommend you visit with a Virginia living trust attorney.
You may have also learned that a living trust takes precedence over a will. Once your trust is finished, all property and issues left out of the trust, should be in your will. Some call it a "back up will". If there is nothing left to put into a will, write one anyway giving your trust successor trustee permission to distribute any property accidentally left out of your trust.
The most common use of a living trust is to allow your heirs to disperse
your assets outside of the probate court. Normally estates valued at
less than a hundred thousand dollars can be passed along out of probate.
Each state is different, but whether you are in Fairfax, Richmond,
Arlington, Hampton or Norfolk the laws will be the same for you. Your
Virginia living trust attorney will know if your assets are worth enough
to make this a useful tool.
If you do decide to create a simple, probate avoidance, revocable living trust visit NOLO and Legal Zoom. All the forms, software and books you need are on these two sites. We recommend these sites because they are trustworthy and not out to take your money with living trust scams.
More complicated trusts,
such as one to avoid the estate tax penalty, should always be left in
the hands of a Virginia living trust attorney. Trusts become more
complicated the larger your estate is. Your estate would need to be
valued at over a million dollars to have a tax saving advantage. When
your net worth reaches those kind of numbers you probably already have
an attorney you can talk to. He may have a good recommendation for a
local estate planning expert or possibly a Virginia living trust
attorney. There is also a service called Legal Match where filling out a form should put you in contact with a local estate lawyer.
We'd love to hear your comments or opinions. Submit them here and other visitors can read them and comment on them. An e-mail address is not required.
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