A trust can be used to help safeguard your assets while ensuring they are distributed according to your wishes in the future. A trust can be a crucial estate planning tool for individuals of all income levels and with a wide range of assets.
The Uniform Trust Code in Virginia Beach is a crucial body of law that influences how trusts are formed and structured. If you are ready to create a trust or have questions about trusts, a skilled attorney can answer your questions and help you set up a legally binding trust that meets your needs.
Understanding the Uniform Trust Code and Types of Trusts
Virginia is one of a growing number of states that have adopted the Uniform Trust Code. The laws concerning trusts can vary widely from state to state. However, under the provisions found in the Uniform Trust Code, there is a long list of rules that help clarify the terms of a trust on certain key issues.
The Uniform Trust Code provides guidelines about issues such as how a trust should be created, amended, or even revoked in some cases. It also offers guidelines about trust administration, enforcement, and creation.
If you are considering creating a trust as part of your estate plan, you should speak with a Virginia Beach attorney who is well-versed in the complexities of the Uniform Trust Code and its guiding provisions. A trust can help you protect property for your loved ones and can also be used to safeguard assets from creditors or prevent them from being considered income if you seek help from Medicaid.
Benefits of Creating a Trust
A Virginia Beach attorney who understands all elements of the Uniform Trust Code can help you create a legal structure that ensures maximum asset protection. There are many purposes and benefits related to trust creation. Protecting and preserving assets, probate avoidance, tax benefits, and maintaining control of how assets are distributed to beneficiaries in the future are all reasons to consider a trust.
Several types of trust options may be right for you, depending on your situation and personal goals. A revocable living trust is just one example. Through a revocable living trust, you maintain the right to revise its terms at any time before your death while continuing to control your assets. However, a revocable trust does not offer protection against creditors.
With an irrevocable trust, you can enjoy protection from estate taxes, but you cannot alter the terms in any way once the trust is created and you transfer your assets into it. Other potential trust options include special needs trusts, charitable trusts, and even pet trusts.
Consult With a Virginia Beach Attorney About the Uniform Trust Code
A trust can give you peace of mind about the future of your loved ones, but you need to work with an attorney who can provide valuable legal guidance throughout the process of setting up this vital legal structure. You need an attorney who is not only well-versed in the Uniform Trust Code in Virginia Beach but can also set up a trust that takes care of the specific needs of your family members and maximizes your tax advantages.
Numerous factors can complicate the trust creation process. For example, if you have multiple children, substantial assets, properties in different cities or states, or other unique financial situations, you may need a specialized approach to formulating the trust that is right for you and your beneficiaries.
Contact Parks Zeigler, PLLC, today to find out more about your trust options. Our team can provide legal guidance tailored to your situation in a one-on-one consultation.
