A revocable or “living” trust allows you to make changes to your trust’s documents up until your death. As reported by Entrepreneur.com, a living trust allows you to add or remove your assets and properties whenever you choose.
Living trusts commonly hold real estate, business interests and financial accounts. You may include land, vacation or rental properties and your current residence. If you own stakes in private companies, they may also transfer to your trust. Stocks, bonds and life insurance policies can all go into your revocable trust.
Could personal properties transfer to a living trust?
You may transfer valuables and collectibles you own into your trust. Vehicles, boats and aircraft may also go into a living trust.
If you decide to sell these items or add someone who may use them after you die, you may need to amend your trust. By adding beneficiaries, your trust manages the assets on their behalf and allows them to avoid probate.
Could married couples create living trusts?
According to the Code of Virginia, married couples could create a living trust and add their community properties. Amendments, however, require both you and your spouse to agree to the changes because it involves shared property. The separate assets that each spouse owns may also go into a joint living trust. Virginia law does not require both spouses to agree on making changes that affect separate spousal properties held by the trust.
You may serve as your own trustee, or you may name an individual to manage the trust for you. A named trustee may take control of your trust if you become ill or incapacitated. The trust’s instructions could outline your wishes during your lifetime or for your beneficiaries after you die.