Living Trust Vs Will In Virginia

A trust can provide creditor protection for the inheritance you leave to beneficiaries a will cannot.

Living trust vs will in virginia.

Beginning in 2018 and until at least 2025 as a result of the tax cuts and jobs act. To be an heir under virginia intestate succession you must have outlived the decedent by at least 120 hours. Trusts cannot protect your assets from estate tax. Living trusts and estate taxes in virginia.

In a living trust you can name your spouse partner child or other trusted person to have authority over trust property if you become incapacitated and unable to manage your own affairs. Chairman since 1995 and the virginia retirement system 2000 2005. As a general rule for relatively simple virginia estates with no real property outside of virginia a will plan will almost always be more cost effective and efficient than a living trust plan. 11 million are exempt from estate taxes.

Revocable trusts also referred to as living trusts or inter vivos trusts are established during the lifetime of the creator grantor of the trust rather than in a decedent s will. A trust is an excellent probate avoidance tool because assets that are owned in the name of a trust are immediately accessible to the trust maker s designated successor. However it doesn t offer the same benefits that trust will provide. An overview you can t take it with you when you go while this familiar statement is true you can and should do your best to control your assets from beyond the grave.

Virginia does not have its own estate tax but federal estate taxes still apply in virginia. Virginia beach law group is here to answer all the questions you have about estate planning. A living trust won t protect any assets from estate taxes. A living trust at least theoretically provides for a smoother transition of management and ownership of property.

If one owns real property in several states and or has serious privacy concerns about the will being recorded perhaps the living trust would work better. While the state of virginia doesn t place an estate tax on estates it does have a federal estate tax that applies to any estate that is over 5 million dollars. Other situations in virginia inheritance law. You cannot do this with a will however you can also make a durable power of attorney to appoint someone to manage your finances.