What Are the Most Common Types of Virginia Trusts?
Careful consideration and time must be put into the process of establishing a Virginia trust. There are seven main types of trusts that you might choose to use as part of your estate planning.
As a person planning their estate in Virginia, you have many different strategies available to you, including using lifetime gifts, transferring property and putting together a will. Establishing a trust is one of the most important solutions you can use for estate planning needs. Your Virginia estate planning attorney might recommend one or a combination of the following trusts to help you.:
- Revocable or irrevocable living trusts.
- Ongoing trusts, such as a QTIP, disability or pet trust.
- Tax saving trusts like a GRAT.
- Education trusts which is different from Virginia’s 529 plan.
- Charitable trusts.
- Family trusts, such as a family pot trust or a child’s trust.
- Discretionary trusts.
How you choose to decide the best way to protect your estate is up to you and there are many different choices and avenues available to you. The support of an attorney who will work with you based on your personal circumstances and needs can make this process that much easier.
What you select for your Virginia trust will plan on your current status with your estate plan, your overarching goals, and what you hope to accomplish with your estate planning.