Full question:
My question is about estate planning. Is this form for a Will or for a Living Trust? Are not Trusts advantageous over Wills because of less taxation? Also, concerning the property declaration on 1556, if I list no specific property, is there a default division of my property among those named in my will?
- Category: Wills and Estates
- Subcategory: Trusts
- Date:
- State: Virginia
Answer:
VA-WIL-01556 is a Last Will and Testament. It includes a trust section for married individuals with minor children. This section activates if the other parent is deceased or unable to care for the children. In contrast, a living trust is established during a person’s lifetime, allowing them to place assets in the trust for management and distribution after death, bypassing probate.
A living trust can help manage property during your life and after your death. As the Grantor, you can also be the Trustee, maintaining control over the assets. While a living trust can reduce estate taxes, it does not eliminate your current income tax obligations.
Regarding property declaration in your Will, you can specify items for certain individuals. If you do not list specific property, Articles V and VI of the Will dictate default provisions, where the remainder of your estate (excluding the homestead) goes to your spouse (Art. V) or others named if your spouse predeceases you (Art. VI).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.