Testamentary Trust
Your will can add to your family’s financial security by leaving all or portions of your estate in a testamentary trust. The provisions of the trust are set forth in your will, and can provide generous support for a surviving spouse, children or other family members, or even a charity after your death. The state of Virginia requires that all testamentary trusts make a report annually to the Circuit Court of all activities in the trust. This provides a little extra supervision over the trust.
When children or other beneficiaries are young, mentally or physically handicapped or financially inexperienced, you need to establish a trust. Trusts are also a necessary when you want to leave someone the benefits of property but not the responsibility of maintenance.
In addition to income that a trust fund provides beneficiaries, the trustee can be given the authority to draw on the fund to pay for a child’s education or even to maintain your spouse’s accustomed standard of living.
Our experienced trust officer handling the estate maintains close contact with the family and has extensive knowledge and understanding of the family’s needs.
