Patel & Dalrymple, PLLC
A Lynchburg Law Firm
434-338-7080

Put our experience on your side.

Trusts offer many unique estate planning benefits

Many people throughout the United States, including in Virginia, prefer not to think or talk about death. For this reason, estate planning is oftentimes ignored. However, creating wills or living trusts is essential for protecting one's assets long term. Here is a look at what trusts in particular can do for asset owners.

Setting up a trust involves the execution of a trust deed as well as the transfer of a person's estate to a selected trustee for the estate beneficiaries' benefit. Three kinds of trusts are available: a private trust, public trust, and religious or charitable trust. In addition, trusts can be either irrevocable or revocable.

Trusts offer several benefits, with one being that they provide for the management of people's estates during their lifetimes. They also provide for the management and distribution of a person's wealth following the person's death. With irrevocable trusts, people can maintain control of their assets by allowing their appointed trustees to consult them as needed. With revocable trusts, individuals can easily access, as well as control, their assets just as they did before setting up their trusts.

The benefit of a living trust over a will is that it keeps an estate from having to go through the time-consuming process of probate when the estate owner passes away. In addition, living trusts are not part of the public record, so people who use them can keep their estate information private. Also, trusts can be used no matter how large or small a person's estate may be. An attorney can provide asset owners with the guidance they need to set up trusts in the most personally beneficial manner possible in Virginia.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Talk To A Lawyer Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

5200 Fort Avenue
Lynchburg, VA 24502

Phone: 434-338-7080
Map & Directions