Virginia Trust Administration Lawyer
Trusts are widely used estate planning documents that individuals and families implement as a way to manage and distribute their assets. Any person, regardless of their net worth, may establish a trust. A trust is created by a person who is referred to as the settlor. The settlor appoints a trustee to manage the trust assets on behalf of the beneficiaries of the trust. Virginia trust administration lawyers can assist you with the creation, distribution and management of your trusts. Contact a skilled trusts and estates attorney as soon as possible.
Types of Trusts Available in Virginia
Trusts can be either revocable or irrevocable in Virginia. Revocable trusts can be amended or altered by the settlor at any time. Irrevocable trusts, however, are permanent and may not be changed. Trusts are typically drafted so that the trust assets benefit the settlor during their lifetime. The assets are later distributed to beneficiaries after the settlor’s death.
Trusts can be drafted to accomplish different objectives. Virginia trust administration lawyers can assist in administering many different types of trusts. A trusts and estates lawyer could:
- Revocable trusts
- Irrevocable trusts
- Marital trusts
- Charitable trusts
- Special Needs trusts
- Trusts for minors
- Generation-skipping trusts
Benefits of Establishing a Trust
Trusts are valuable estate and tax planning tools. Trusts can be tailored meet individual needs and drafted to:
- Minimize estate taxes
- Manage assets during incapacity
- Hold assets for minor children
- Avoid probate
- Make charitable gifts
- Provide an inheritance for family members
- Maintain privacy
Although many trusts are drafted to avoid the court-supervised probate process, there is still some legal work involved to administer a trust. The trust terms and size of the trust will impact how difficult it will be to administer.
After the settlor of a trust passes away, the trustee generally needs to collect and transfer assets into the trust, pay debts of the settlor, provide notice to the beneficiaries and file a tax return for the trust. A Virginia trust administration lawyer can help you start this process and ensure the terms of the trust are properly followed. Virginia trust administration lawyers can also assist you with any litigation or disputes that arise as a result of the trust terms or administration of the trust.
Defining Possible Fiduciary Duties as a Trustee
As a trustee, you have several fiduciary obligations including a fiduciary duty to administer the trust in good faith and for the sole benefit of the beneficiaries. A trust administration lawyer can educate you about your responsibilities about a fiduciary and how to avoid facing any liability for administering the trust inappropriately.
A trustee may be tasked with managing trust assets for several years depending on the terms of a trust. A Virginia trust administration lawyer can be a great resource for trustees who have questions about making distributions or other aspects of the trust after the settlor has passed away or become incapacitated.
Trusts involving complicated tax issues or multiple beneficiaries can be particularly stressful to administer without the guidance of a lawyer. If you would like to appoint a professional trustee to manage your trust, a Virginia trust administration lawyer could serve in a fiduciary capacity as trustee.