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Trust Lawyer

Trusts are an essential tool in estate planning, offering flexibility, control, and peace of mind for the future. They can ensure that your assets are managed and distributed according to your specific wishes after you pass. If you’re located in Central Virginia and considering establishing a trust, you’re in the right place. At Commonwealth Life & Legacy Counsel, we are well-versed in the ins and outs of trusts, and we’re here to guide you through the process.

Why Establish a Trust in Virginia

There are many reasons why you might consider setting up a trust in Virginia. First, trusts allow you to avoid probate, the legal process used to distribute your assets after death. Probate can be a lengthy and expensive process, and by placing your assets into a trust, you avoid this process entirely.

Second, trusts allow for more precise control over the distribution of your assets. For instance, if you have minor children or a family member with special needs, a trust can ensure they are taken care of even after you’re gone.

Finally, trusts can provide a certain level of privacy. Unlike a will, which becomes a public document upon death, trusts remain private, meaning the details of your estate won’t become public record.

Types of Trusts in Central Virginia

There are several types of trusts to consider, depending on your unique circumstances and needs. Revocable Living Trusts, for example, are created during your lifetime and can be altered, modified, or revoked entirely. This flexibility can be a significant benefit as circumstances change.

Irrevocable Trusts, on the other hand, cannot be changed or modified once they are created. While less flexible, they offer significant advantages in terms of tax planning and asset protection. One example of such a trust is an Irrevocable Life Insurance Trust. Another such trust for a completely different purpose might be a Medicaid Asset Protection Trust.

For those with philanthropic intentions, a Charitable Trust can be an ideal choice. This type of trust allows you to provide for your favorite charitable organizations while also taking advantage of tax benefits.

Trust Creation with Commonwealth Life & Legacy Counsel

Creating a trust can be a complex process, requiring careful planning and a solid understanding of Virginia’s laws and regulations. That’s where we come in. Our team at Commonwealth Life & Legacy Counsel can provide you with the knowledge and support needed to handle the trust creation process.

We work closely with our clients to understand their unique circumstances and wishes. We then provide guidance on the most suitable type of trust and assist with the creation and implementation process. From ensuring compliance with state laws to managing trustee designations, we’re there every step of the way.

Your Trust Partner in Central Virginia

When it comes to planning for the future, you shouldn’t have to do it alone. A trust can be a powerful tool in managing your assets and safeguarding your family’s future. If you’re considering establishing a trust in Central Virginia, reach out to the experienced team at Commonwealth Life & Legacy Counsel.

Call us in Central Virginia at (434) 589-2958 or in Powhatan at (804) 598-1348, or reach out online to set up a free consultation to discuss your estate planning needs. We look forward to assisting you on your journey towards a secure and well-planned future.



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