Living Trust

Preserve your estate for your loved ones during your lifetime using a Living Trust.

What is a Living Trust?

A Joint Revocable Trust is meant to direct the property of the first spouse to die entirely to the Survivor’s Trust for the benefit of (and subject to control by) the surviving spouse, but includes a provision that directs any property disclaimed by the surviving spouse into a credit-shelter or bypass trust (referred to as the ‘Family Trust’). The Survivor’s Trust and the contingent Family Trust last for the survivor’s lifetime. At the survivor’s death, the contingent Family Trust and the Survivor’s Trust pass to continuing trusts for descendants that can last for lifetime or can terminate at ages specified.

A revocable living trust can also be for an individual and is recommended for a grantor:

  1. Who is concerned either with avoiding probate costs and delays and/or providing a means of managing the grantor’s assets in case of disability;
  2. Whose estate does not significantly exceed the applicable estate tax exemption (adjusted for any unified credit previously used);and
  3. Whose children, because of age, health, education and maturity, do not require assets to be held in trust beyond age 21.

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Locations


Main Office
66 South Court Square
Harrisonburg VA 22801

(540) 437-9400
info@sellerslawVA.com

Practice Areas