Testamentary Trust

Testamentary TrustYour 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 necessary when you want to leave someone the benefits of property but not the responsibility of maintenance.

In addition to income that a trust provides, the trustee can be given the authority to draw on the fund to pay for a child’s education or to maintain your spouse’s accustomed standard of living.

Our experienced trust officers maintain close contact with the family and have extensive knowledge and understanding of the family’s needs.