Certification of Trust
You successfully created a trust to leave assets to certain beneficiaries when you pass away. But how do you transfer assets into the trust without publicizing the trust document’s terms? With a valid certification of trust, you can add assets to the trust without disclosing the terms of your trust agreement.
For help creating a legal certification of trust in Central Virginia, turn to our experienced trust attorneys at Commonwealth Life & Legacy Counsel. We have years of experience helping people with estate planning, trust creation, and transferring assets into trusts. Call us today at 434-589-2958 or in or near Powhatan call 804-598-1348 to schedule a consultation.
What Is a Trust Certificate?
A trust certificate is a legal document that declares the existence of a trust and names key parties in the establishment and management of the trust, including:
- Date of establishment of the trust
- Name of the grantor (the person who created the trust)
- Name and address of the trustee (the person who manages the trust’s assets)
- Powers of the trustee
- Name and address of the successor trustee
- Name of anyone with the power to revoke the trust
- Authority of trustees to exercise powers of the trustee and whether one or all trustees must sign any legal document about the trust property
- Title transfer instructions to move property into the trust
Why You May Need a Certification of Trust in Central Virginia
To transfer real property into the trust, the current holders of your property title documents must verify that you established a trust and can make a valid transfer of your property into the trust.
A certificate of trust allows you to provide essential information about the trust to complete necessary transactions for funding your trust and re-titling property in the name of your trust. You will not need to disclose the entire trust dispositive terms or the assets it contains to complete the transfer.
Who Can Request a Certificate of Trust in Virginia?
If you are transferring any asset into a trust, the current asset custoidan will need to validate the trust. The current asset custodian requesting your certificate of trust could be your bank, credit union, mortgage lender, insurance company, or another financial institution.
64.2-804 of the Code of Virginia protects grantors from disclosing more than the information in the trust certificate beyond portions of the trust instrument that name the trustee and designate their power to act in any given property transfer.
Contact Commonwealth Life & Legacy Counsel for Help with Creating a Living Trust or Certificate of Trust for an Existing Trust
For help with completing a certification of trust in Central Virginia, contact our offices at Commonwealth Life & Legacy Counsel. Call us today at 434-589-2958, or in or near Powhatan at 804-598-1348, or contact us online at www.winget-hernandez.com to schedule a consultation.