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Lifetime Trusts

Revocable or Irrevocable Living Trusts (RLT or ILT) are vehicles for avoiding probate and for providing for the ease of transfer of authority over assets if the owner becomes too ill to handle the assets or dies. Such documents are also useful for estate tax planning if all assets of a couple are owned jointly. Though avoiding probate in Virginia is not a paramount motivator for creating a revocable living trust with assets under Three Million Dollars, many older couples choose a Joint RLT as their primary estate planning document for that and the flexibility it gives when the first spouse dies. When we draft such a trust, we also consider how the funds can be most useful to the couple in their older years.