Lost wills and testaments in Virginia require a probate process in order to distribute assets to heirs, but the use of a trust can avoid probate. Your personal and lifestyle preferences will help you determine whether or not an irrevocable trust or a revocable trust is most appropriate for your needs. A Virginia irrevocable trust could be used with your other estate planning documents to give you the control and protection you need.
An irrevocable trust is one that cannot be changed. Only a beneficiary is eligible to make and approve changes to the trust document after it has been established. With a revocable trust, however, the creator can update this as necessary.
This is a leading reason why revocable living trusts are more common since there is a greater level of control. You might wish to make updates yourself to a trust after it has been established if your life circumstances change. An irrevocable trust could limit your estate’s vulnerability to creditors, however.
If you intend to pass along your estate to your heirs, an irrevocable trust can be one way of doing this. There are several different options that might qualify as revocable trusts. For example, you could use an irrevocable life insurance trust such that proceeds are paid into the trust before a trustee manages them for the beneficiaries. To learn more about creating an irrevocable trust in Virginia, schedule a meeting with an estate lawyer today.