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PDF (933 KB) - Virginia Cooperative Extension - Virginia Tech

PDF (933 KB) - Virginia Cooperative Extension - Virginia Tech

PDF (933 KB) - Virginia Cooperative Extension - Virginia

Managing Prosperity: Estate and Retirement Planning for All Ages An Introduction to Trusts Jesse J. Richardson, Jr., Attorney and Assistant Professor, Department of Urban Affairs and Planning, Virginia Tech L. Leon Geyer, Attorney, Professor, and Extension Specialist, Department of Agricultural and Applied Economics, Virginia Tech This publication gives a general overview of the use of trusts in estate planning. The terminology will be defined and the uses of trusts in estate planning generally described, but the particular types of trusts used in estate planning will not be detailed. Instead, the reader is directed to other publications in this series for more information. (e.g., VCE Publication 448-096 on Advanced Tax Considerations and VCE Publication 448- 088 on Life Insurance). The reader should gain an understanding of trusts from this publication that will enable a fuller understanding of the discussion of particular uses of trusts in other publications in this series. The relationship relationship of trustees and beneficiaries beneficiaries concering property and estates www.ext.vt.edu Produced by Communications and Marketing, College of Agriculture and Life Sciences, Virginia Polytechnic Institute and State University, 2009 A trust is a legal arrangement whereby one party (the trustee) holds legal title to property for the benefit of another party (the beneficiary). A trust is created when yet another party (the grantor or settlor) gives money or property (the res or corpus) to the trustee. The trust agreement, signed by the grantor and the trustee, is a contract and details what the trustee must do with the money or property. The trustee, beneficiary, and settlor may be the same party or it may be a combination of a person, business entity, or institution. The trustee manages the trust assets for the beneficiary. The trustee holds legal title to the property in the trust, while the beneficiary holds beneficial title. Beneficial title means that although the beneficiary is not the “legal owner” of the property, he/she holds certain rights in the property (as detailed in the trust agreement). The beneficiary may compel the trustee to follow the instructions in the trust agreement. Trusts are classified in several ways. First, trusts differ based upon whether the trust is formed during the life or upon the death of the grantor. A living (or intervivos) trust is formed during the lifetime of the grantor. On the other hand, attorneys refer to trusts formed by instructions in a will as testamentary trusts. There are hundreds of names for types of trusts such as living trust, charitable remainder trust, land trust, GRIT, GRUT, QTIP, Rabbi, Pour over, and more. The names often reflect the purpose for which the trust was created. However, they all operate on the basic principle outlined in Figure 1 and explained below. The law also differentiates trusts on the basis of the control retained over the assets by the grantor. A revo- Virginia Cooperative Extension programs and employment are open to all, regardless of race, color, national origin, sex, religion, age, disability, political beliefs, sexual orientation, or marital or family status. An equal opportunity/affirmative action employer. Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Mark A. McCann, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; Alma C. Hobbs, Administrator, 1890 Extension Program, Virginia State, Petersburg. publication 448-087

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