How a Revocable Living Trust Lawyer Helps You Keep Control While Planning Ahead
A revocable living trust lawyer can help you retain control of your property while planning for incapacity and future transfers. That planning works more effectively when the trust is properly funded and its purpose is clear, since problems can arise when major assets remain outside the trust or when a revocable trust is mistaken for an asset protection tool.
At McCarthy & Akers, PLC | Estate Planning Attorneys, we address those issues through a Trust-Based Estate Planning approach that goes beyond what a will alone can accomplish. We look at how a revocable living trust fits into the larger plan, including asset ownership, beneficiary designations, incapacity planning, and other estate planning tools, so each part supports your family, property, and long-term goals.
If you are considering a revocable living trust or need help funding or updating one you already have, call (703) 452-4988 or complete our online contact form to schedule a consultation.
Key Takeaways
Here is what to know before you create a revocable living trust or rely on one that already exists:
- Virginia law generally permits a settlor to amend or revoke a revocable trust, subject to the trust’s terms and applicable law.
- Creating the trust is only the first step. You also need to move the right assets into it and coordinate beneficiary designations so the trust works as intended.
- The trust can name a successor trustee to manage trust assets when the conditions in the document are met.
- During the settlor’s lifetime, Virginia law makes revocable trust property subject to the settlor’s creditor claims.
- McCarthy & Akers can help create and fund your revocable living trust, address successor trustee and incapacity provisions, and coordinate asset ownership, beneficiary designations, and supporting estate planning documents.
What a Revocable Living Trust Actually Is
A revocable living trust is a legal document you create during your lifetime that establishes a trust you can amend, restate, or revoke while you have the required capacity and retain the authority to make those changes. Many people name themselves as both the initial trustee and a beneficiary while they are living.
In Virginia, the Uniform Trust Code in Title 64.2, Chapter 7 of the Code of Virginia governs how trusts are created, amended, administered, and managed.
Many people confuse a revocable living trust with an irrevocable trust or a will, but each serves a different purpose:
- Revocable Living Trust: Lets you retain control over trust property and make changes while you have the required capacity.
- Irrevocable Trust: Usually places different limits on control, access, or modification, depending on the type of trust and its purpose.
- Will: Directs certain property at death but does not manage trust assets during incapacity.
At McCarthy & Akers, PLC, we help clients bring these documents together into a coordinated Trust-Based Estate Planning strategy that reflects their family, property, and long-term goals.
What Your Revocable Living Trust Should Include
A revocable living trust should clearly address matters such as:
- A clearly named successor trustee, and preferably an alternate, in case your first choice is unavailable or unwilling to serve.
- A clear incapacity provision explaining when and how your successor trustee may begin acting under the trust.
- Distribution terms explaining how and when asset distribution should occur, including ages, milestones, or other conditions that may apply to younger beneficiaries.
- A pour-over will that directs certain assets left outside the trust at death into the trust, subject to any probate process that may apply to those assets.
- A schedule or assignment of property identifying assets, including appropriate real estate or financial accounts, that have been or may need to be transferred into the trust.
- Clear trustee powers addressing the management, sale, investment, and distribution of trust property. Virginia Code § 64.2-777 gives trustees powers conferred by the trust and other powers appropriate for managing and distributing trust property.
What Happens If You Become Incapacitated With a Funded Revocable Living Trust
If you become incapacitated and your revocable living trust is properly funded, your named successor trustee steps in under the terms of the trust to manage trust assets, pay expenses, and handle financial matters covered by the trust. How and when that authority begins depends on the incapacity provisions in the document.
Virginia law also allows the person named in the trust to step in as successor trustee when the current trustee can no longer serve.
Without a funded trust or another valid planning tool, such as a durable financial power of attorney, a family may need to consider a guardianship or conservatorship proceeding in Virginia to address certain financial affairs. Those proceedings can involve a guardian ad litem, an evaluation report, notice, and a court hearing. A properly funded trust can help reduce court involvement for the assets it holds.
Benefits of Working With a Revocable Trust Attorney in Northern Virginia
A revocable living trust attorney at McCarthy & Akers, PLC can help you create a plan that reflects your goals and works with the rest of your estate planning:
- A Trust Designed With Funding in Mind: We help coordinate appropriate accounts and property with the trust.
- Clear Incapacity Provisions: We help define when a successor trustee may step in and what authority that person has under the trust.
- A Coordinated Pour-Over Will: We prepare a pour-over will to address certain assets that may remain outside the trust at death.
- A Plan That Works Together: We review the trust alongside your power of attorney, advance directive, beneficiary designations, retirement accounts, and other estate planning documents so the pieces of your plan work together.
- Ongoing Support as Life Changes: We can help review and update the trust when family, property, or financial circumstances change.
- Legacy Letter: Some families may also choose to include a Legacy Letter as part of their broader planning to share personal values, family stories, or guidance that does not belong in the legal terms of the trust.
How the Revocable Living Trust Process Works With McCarthy & Akers, PLC
Our process is designed to make trust planning clear, personal, and manageable from the first conversation through future reviews:
- Initial Consultation: We start by learning about your family, property, concerns, and long-term goals.
- Plan Design: We discuss how the trust should fit with your broader Trust-Based Estate Planning strategy, including ownership, beneficiary planning, and future family or financial changes.
- Drafting and Review: We prepare the trust and related estate planning documents, then walk through the terms with you so you know how the plan is structured.
- Signing and Next Steps: We coordinate the signing process and outline the practical steps that follow, including document organization and asset coordination.
- Future Reviews: As your life changes, we can revisit the plan and discuss whether updates may be appropriate.
Revocable Living Trust Matters We Handle
McCarthy & Akers, PLC handles a range of revocable living trust matters for Northern Virginia clients, including:
- New revocable living trusts
- Trust funding
- Amendments and restatements
- Successor trustee guidance
- Pour-over wills included within a Trust-Based Estate Plan
- Incapacity planning
Why Work With McCarthy & Akers, PLC
At McCarthy & Akers, PLC, we take a Trust-Based Estate Planning approach, looking at how a revocable living trust can support your family, property, and long-term goals. Our approach is holistic, candid, and focused on building a plan that makes sense for your life.
Our team works with individuals and families throughout Northern Virginia, including Great Falls and Manassas. We bring personal attention, straightforward communication, and a commitment to supporting stronger families and communities throughout the planning process.
How Revocable Living Trust Planning Fits Into a Broader Estate Plan
A revocable living trust can play a central role in a Trust-Based Estate Planning strategy because it connects lifetime asset management with future distribution planning. We consider how the trust works with property ownership, beneficiary designations, incapacity planning, and other estate planning documents as part of one coordinated plan.
Start Your Revocable Living Trust With a Lawyer in Northern Virginia
Deciding whether a revocable living trust fits your family starts with looking at what you want your estate plan to accomplish. At McCarthy & Akers, PLC | Estate Planning Attorneys, we take the time to discuss your goals, answer your questions, and explain how a trust may fit within a broader Trust-Based Estate Planning strategy.
If you are in Great Falls, VA, or another Northern Virginia community, call (703) 452-4988 or complete our online contact form to schedule a consultation.
Trust McCarthy & Akers to be your partner in planning for the future.
Frequently Asked Questions
How much does a revocable living trust lawyer in Northern Virginia charge?
Fees depend on the complexity of the plan, whether the trust is for an individual or family, the assets involved, and the amount of funding assistance needed. McCarthy & Akers offers flat fees and discusses the scope of the planning work before drafting begins.
Do I need a lawyer to create a revocable living trust in Virginia?
Virginia law does not require you to use an attorney to create a trust, but working with a living trust lawyer can help you address the trust terms, funding, asset ownership, beneficiary designations, and how the trust fits with the rest of your estate plan.
What type of lawyer should I hire to set up a revocable living trust?
A revocable trust lawyer who handles estate planning, trust drafting, and funding can help you choose successor trustees, address incapacity and beneficiary provisions, and coordinate appropriate assets with the trust after signing.
What is a revocable living trust?
A revocable living trust is a trust you create during your lifetime that you can change or cancel while you have the legal capacity to do so. It can help manage trust assets if you become incapacitated and can help properly funded property avoid probate.
Who should consider a revocable living trust instead of a will alone?
A revocable living trust can be worth considering if you own real estate, value greater privacy, want to reduce probate involvement for properly funded assets, or want continuity in financial management during incapacity. Whether it fits depends on your property, family, and long-term goals.
What is the difference between a revocable and an irrevocable trust?
A revocable trust generally allows the settlor to retain more control and make permitted changes. Certain irrevocable trusts involve different limits on control and modification and may be used as part of planning intended to protect assets, address tax concerns, or plan for government benefits.
Does a revocable living trust avoid probate automatically once it is signed?
Signing the trust does not automatically transfer your home, accounts, or other property into it. Probate avoidance generally depends on proper funding or another valid non-probate transfer method.
Can my revocable living trust be challenged?
A revocable living trust can be challenged in certain situations after the settlor’s death, including disputes over capacity, undue influence, or whether the trust was properly created or amended. Virginia law also sets deadlines for bringing certain trust contests, so clear drafting and well-documented planning can help reduce uncertainty later.
Can I change my successor trustee after my trust is signed?
You can generally change the person named as your successor trustee while your trust remains revocable and you have the legal capacity to make the change. You may want to do this if your original choice can no longer serve or no longer fits your needs.
What happens to my revocable living trust when I die?
The successor trustee generally takes over managing the trust after the settlor’s death. This can include paying valid expenses and distributing trust property to the beneficiaries, subject to Virginia law and any claims or challenges that may apply.