Virginia Revocable Trust Agreement with Corporate Trustee

State:
Multi-State
Control #:
US-0377BG
Format:
Word; 
Rich Text
Instant download

Description

A revocable trust is a trust that can be modified or revoked by the settler. In such trusts, the settler reserves the right to terminate the trust and recover the trust property and any undistributed income. Revocable trusts are considered grantor trusts and therefore the income is taxed to the settler and the assets in the trust at the time of settlers death are included in the settlers taxable estate.
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  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee
  • Preview Revocable Trust Agreement with Corporate Trustee

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FAQ

A corporate trustee such as a bank trust department, a lawyer, or a financial adviser will typically know more about trust management, investments, and taxes than a family member, so a pro can be a good choice if you have a large trust or complex assets in it.

Even if you are capable of managing your own trust, a corporate trustee can be a wise choice. You may not have the time, desire, or investment experience to manage your trust yourself, or perhaps you just feel that someone with more time and experience could do a better job than you.

Since a revocable trust is not treated as separate from the grantor, it is an eligible S corporation shareholder while the grantor is alive.

trustee is a person or entity that serves as a legal owner of trust property. They hold and administers the property for the advantage of named beneficiaries. Trusts are created by property owners, aka grantor, trustor, or settlor. A property owner can be one individual or many, in the case of joint ownership.

A living trust for a business relieves the burden of business debts on your family members. If your business is not in a trust, business assets may be used to satisfy personal debts, and that could cause the business to fold. The living trust also reduces the tax burden on your estate.

If you're wondering can a trust own a corporation, the answer is yes, but only specific types of trusts qualify. As a legally separate entity, a trust manages and holds specific assets for a beneficiary's benefit.

By placing a business into a living trust -- a trust that is created for you and your family's benefit while you are alive -- you transfer legal ownership of your business to the trustee, which is usually a third party but can also be the business owner.

Even if you are capable of managing your own trust, a corporate trustee can be a wise choice. You may not have the time, desire, or investment experience to manage your trust yourself, or perhaps you just feel that someone with more time and experience could do a better job than you.

Corporate trustees are departments at banks or other investment firms hired to build and manage a trust. People hire corporate trustees for their professional experience in trust matters that a family member or friend may not have.

Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.

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Virginia Revocable Trust Agreement with Corporate Trustee