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Virginia Beach Estate Planning Lawyer / Blog / Estate Planning / The Four Critical Components of Living Trusts

The Four Critical Components of Living Trusts

A trust is a legal way of managing, distributing, and holding property. The selection of a living trust is very popular, but you should always understand what is needed to ensure that this trust is valid.

In order for a trust to be effective and valid, it needs to have four different elements. First of all, there must be assets. Secondly, there must be a person who has created the trust, often referred to as the grantor or the trustor.

Another person must be named in order for the trust to be legally effective. This person is called the trustee and this individual manages, holds, and distributes the assets. Finally, in order to put together a properly structured trust, the trust must have a purpose and it must be funded. The person for whose benefit the trust is created is referred to as the beneficiary and you may have more than one beneficiary depending on your unique estate plan. Living trusts can help you avoid the probate process and for this reason are a popular tool for a number of different people who are looking to have a comprehensive estate plan. Scheduling a consultation directly with an experienced lawyer is the only way to figure out whether or not a living trust should be part of your estate plan and which or your assets should be placed inside it.

A living trust is titled in this manner because you can change it or revoke it over the course of your life, giving you maximum freedom and flexibility. Call a Virginia estate planning lawyer today to learn more.

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