Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A West Virginia Living Trust — Revocable is a legal document that allows an individual (referred to as the "granter" or "settler") to have control over their assets while they are alive and ensure the smooth distribution of those assets upon their death. It is essential to understand the different types of West Virginia Living Trust — Revocable and how they work to make informed decisions for estate planning purposes. A Revocable Living Trust in West Virginia is the most common type, providing flexibility and control for the granter during their lifetime. It allows the granter to transfer assets into the trust and continue managing them as they see fit, altering or revoking the trust at any time. This type of trust eliminates the need for probate, which simplifies the process of asset distribution after the granter's death. Some keywords relevant to West Virginia Living Trust — Revocable include: 1Granteror: The individual who establishes the trust and is usually the owner of the assets placed within the trust. 2. Settler: An alternative term for the granter, used interchangeably in legal contexts. 3. Assets: Refers to the property, investments, real estate, or any valuable possessions that are transferred into the living trust. 4. Probate: The legal process that validates a will and administers the distribution of assets after an individual's death. A West Virginia Revocable Living Trust eliminates the need for probate. 5. Estate Planning: The process of arranging and managing assets during an individual's lifetime to ensure their smooth transfer and distribution upon their death while minimizing tax liabilities. 6. Trustees: Individuals or institutions named by the granter to manage and control the trust assets according to the trust's terms and the granter's instructions. Trustees can be the granter themselves, a family member, or a professional entity. 7. Beneficiaries: Individuals or entities designated to receive the assets and benefits outlined in the trust document after the granter's death. 8. Successor Trustee: An individual or institution nominated to take over as the trustee in case the original trustee becomes unable or unwilling to fulfill their obligations. 9. Revocable Living Trust: Legal document that allows the granter to maintain control over their assets during their lifetime while still ensuring a smooth distribution of those assets after their death. 10. Irrevocable Living Trust: Another type of trust that cannot be modified or revoked without the agreement of all beneficiaries. It offers additional tax benefits but restricts the granter's control over the assets. It is crucial to consult with a West Virginia estate planning attorney familiar with the state's specific laws and regulations regarding Living Trusts — Revocable to ensure the proper establishment of the trust and the smooth administration of assets according to your wishes.
