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Virginia Warranty Deed from a Trust to an Individual

Virginia Warranty Deed

Name: Virginia Warranty Deed from a Trust to an Individual
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.81 (375 reviews)

Category:

Virginia Real Estate - Deeds - Warranty

State:

Virginia

Control #:

VA-031-78

Format:

Instant download

Description

This form is a Warranty Deed where the Grantor is a Trust and the Grantee is an individual. Grantor conveys and warrants the described property to the Grantee. This deed complies with all state statutory laws.

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FAQ

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will.

A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

A trust is a structure where a trustee carries out the business on behalf of the trust's members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company. The trustee is legally liable for the debts of the trust and may use its assets to meet those debts.

Trust funds are designed to allow a person's money to continue to be useful well after they pass away. You can place cash, stock, real estate, or other valuable assets in your trust. A traditional irrevocable trust will likely cost a minimum of a few thousand dollars and could cost much more.

A trust checking account is a bank account held by a trust that trustees may use to pay incidental expenses and disperse assets to a trust's beneficiaries, after a settlor's death.

Trusts are established to provide legal protection for the trustor's assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes.

Many people create revocable living trusts to hold assets while they're alive. These trusts then become irrevocable upon their death. The purpose for doing this is to avoid the time and expense of probate, as well as to provide instructions for the management of their assets in the event they become incapacitated.

Generally, assets you want in your trust include real estate, bank/saving accounts, investments, business interests and notes payable to you. You will also want to change most beneficiary designations to your trust so those assets will flow into your trust and be part of your overall plan.

Sell, mortgage or give away property held in trust. put ownership of trust property back in your own name. add property to the trust. change the beneficiaries. name a different successor trustee, or. revoke the trust completely.

Virginia Warranty Deed

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