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Virginia Revocable Living Trust for Husband and Wife for 3 joint...

Revocable Living Trust

Name: Virginia Revocable Living Trust for Husband and Wife for 3 joint trustees
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.65 (491 reviews)

Category:

Virginia Trusts - Revocable

State:

Virginia

Control #:

VA-LS-053

Format:

Instant download

Description Revocable Trust Trustees

A Revocable Living Trust is designed to allow a Settlor (person establishing the Trust) to ensure that his/her estate does not require court-supervised probate.

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Joint Trustees Other Form Names

Revocable Living Trust Sample Virginia Revocable Living Trust Revocable Living Trust Husband Wife Revocable Trust Joint Virginia Revocable Living Virginia Revocable Trust Revocable Living Trust Form Pdf

Va Living Trust FAQ

Generally speaking, a living trust's grantor (the person who created the revocable living document) may appoint or remove trustees during their lifetime without hiring an attorney. The grantor can accomplish this by either creating an amendment to it or by revoking the original document and creating a new trust.

-Whenever any such vacancy or disqualification occurs and it is found impracticable to appoint a new trustee under section 73, the beneficiary may, without instituting a suit, apply by petition to a principal Civil Court of original jurisdiction for the appointment of a trustee or a new trustee, and the Court may

Joint trusts are easier to fund and maintain.In a joint trust, after the death of the first spouse, the surviving spouse has complete control of the assets. When separate trusts are used, the deceased spouses' trust becomes irrevocable and the surviving spouse has limited control over assets.

It is possible to include either one corporate trustee or up to three individual trustees. A trustee can also be a beneficiary provided that it is not the sole trustee and beneficiary. If there is another trustee, or another beneficiary as well, then it is acceptable.

A trust is a legal document that governs how the grantor's assets pass to the named beneficiaries upon the grantor's death.However, there is no requirement for a trust to have only one trustee. When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust's assets.

Create an amendment to your trust. Type the amendment so that it specifically states the trustee that you wish to add. Indicate whether you wish to remove an existing trustee, in addition to naming a new one. Specify that the trustee you are adding is a co-trustee, rather than a successor trustee.

When a grantor establishes a trust, a single trustee manages the trust's assets on behalf of the named beneficiaries. However, there is no requirement for a trust to have only one trustee. When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust's assets.

Typically, when a married couple utilizes a Revocable Living Trust based estate plan, each spouse creates and funds his or her own separate Revocable Living Trust. This results in two trusts. However, in the right circumstances, a married couple may be better served by creating a single Joint Trust.

Generally, no. Most living or revocable trusts become irrevocable upon the death of the trust's maker or makers.A successor trustee may not modify or add or remove beneficiaries from an irrevocable trust.

Revocable Living Trust

Description Revocable Trust Trustees