Updated October 27, 2022
The Virginia revocable living trust is different from an irrevocable living trust in several respects. First of all, the Grantor will continue to benefit from any assets placed in the trust during their lifetime. Secondly, the Grantor retains the right to revoke or amend the trust as they see fit. While an irrevocable living trust does offer significant tax benefits, a revocable living trust offers much more freedom and flexibility which may accommodate changing circumstances from the time of the trust’s creation. Both types of living trusts offer the principal benefit of bypassing the probate process when dividing the Grantor’s assets and property.
Definition – § 64.2-701
Laws – § 64.2-750 to § 64.2-753 (Revocable Trusts)
How to Write
Step 1 – Download in Adobe PDF, Microsoft Word (.docx), or Open Document Text (.odt).
Step 2 – At the top of the Virginia Revocable Living Trust form, enter the Grantor’s name. Below that, provide the following information:
- Date
- Grantor’s name
- Grantor’s mailing address
- Trustee’s name
- Trustee’s mailing address
Step 3 – The name of the Trust can be entered in the empty field under Article 1. Next, establish the purpose of this form; amendment or new.
Step 4 – Under Article 4, Section A, provide a list of property and the corresponding inheritors names. These properties will be distributed as per these instructions once the Grantor dies.
Step 5 – The individuals to receive all personal property when the Grantor dies should be indicated under Section B of Article 4. If a specific individual is to be the sole inheritor, enter their name, address, and Social Security or Tax ID number.
Step 6 – If the Grantor has any pets, Section C of Article 4 must be filled out. Enter the name and address of the designated “Pet Caretaker” who will care for the Grantor’s pets after death. An “Alternate Pet Caretaker” must also be appointed.
Step 7 – Continued under Section C is Part (ii), “Funding.” Select what type of funding the Pet Caretaker will receive. If the first box was selected, enter a dollar amount and provide the amount of time before the funds will no longer be distributed.
Step 8 – The last part of Section C, Part (iii), requires the name and address of the person who will be in charge of monitoring the funds provided to the Pet Caretaker as well as the general well-being of the Grantor’s pets.
Step 9 – Under Article 4, Section D, enter the names, Social Security or Tax ID numbers, and addresses of the Beneficiaries to whom all residuary property will be transferred.
Step 10 – Proceed to Article 10, “Accounting.” Enter the number of months or years that a Beneficiary must wait before requesting an accounting of all property and assets within the Trust.
Step 11 – A Successor Trustee and 2nd Successor Trustee should be appointed by entering their names and addresses in the empty fields under Article 13.
Step 12 – Any compensation provided to the Trustees can be indicated by selecting one (1) of the two (2) options under Section I of Article 13.
Step 13 – An individual or organization must survive the Grantor by a specific number of days before making a claim, or benefiting from, the Trust. This number of days can be established under Article 15.
Step 14 – The Grantor’s marital status must be indicated at the time of the Trust’s creation. Under Article 17, select the box that applies to the Grantor’s situation and, if they are married, enter the Spouse’s name in the space provided.
This next part pertains to the transferring of the Grantor’s estate should both the Grantor and the Grantor’s Spouse die at the same time. This only applies if it is indeterminable who died first. Select either “Grantor Dies First” or “Grantor Dies Second.”
Step 15 – Enter all the names of the Grantor’s children under Article 18.
Step 16 – To create a more detailed Trust document, any parties that are to be specifically excluded from the Trust should be indicated in the fields provided under Article 21.
Step 17 – The Grantor, Trustee, and Successor Trustee must sign, print their name, and date Article 22, “Power to Alter, Amend or Revoke.”
Step 18 – Complete the Self-Proving Affidavit by providing the following information:
- State
- County
- Grantor’s signature plus the date
- Trustee’s signature plus the date
- Successor Trustee’s signature plus the date
- 2nd Successor Trustee’s signature plus the date
- Witness signature plus the date
- 2nd Witness signature plus the date
Step 19 – It is recommended, but not legally required, for a Trust document to be notarized. If a notary public acknowledge this form, they must complete the “Notary Acknowledgment” section.
- Date of witness
- Name of Grantor
- Commission expiry date
- Notary’s signature
- Notary’s printed name
Step 20 – Lastly, list all property and assets that will be assigned to the Trust on the final page of the form.
