Revocable Living Trusts in Virginia

Virginia has adopted the Uniform Trust Code (Va. Code Title 64.2, Chapter 7). A trust may be created by transferring property to a trustee during life (including by an agent acting under a power of attorney that expressly allows it), by declaring that you hold property as trustee, or by will. Its purposes must be lawful, not contrary to public policy and possible to achieve, and it must benefit its beneficiaries. The settlor may revoke or amend a trust unless its terms expressly make it irrevocable (this rule does not apply to trusts created under instruments signed before the Code's effective date). Property transferred to the trustee passes under the trust terms without probate; assets left in the decedent's own name may still require qualification before the circuit court clerk.

Non-probate transfers available in Virginia: (1) Transfer on death deed for real estate (Va. Code §§ 64.2-621 to 64.2-638). (2) Joint bank accounts belong to the surviving party, and P.O.D. accounts pass to the payee, under the multiple-party accounts law (Va. Code § 6.2-604 et seq., esp. § 6.2-608). (3) Transfer-on-death registration of securities in beneficiary form (Va. Code § 64.2-613 et seq.). (4) Transfer on death (TOD) beneficiary named on a vehicle title, who must apply within 120 days after the owner's death (Virginia DMV). (5) Vehicles titled to joint owners with right of survivorship ('or', 'or survivor', or 'tenants by the entirety') pass to the survivor. (6) Small estate affidavit (Va. Code §§ 64.2-600 to 64.2-602). (7) Revocable living trust (Uniform Trust Code).