The Revocable Living Trust - The Flexible Way to Protect Your Assets

By David L. Hartley, vice President and Regional Manager of The Middleburg Trust Company

There are as many reasons to set up a revocable living trust as there are people. Each trust is written specifically for the grantor and is tailored to his or her needs and wants. Properly drafted by an attorney, the living trust can be a very useful and flexible tool.

In basic terms, a revocable living trust is a legal arrangement between the grantor, the trustee and the beneficiary. Depending on individual circumstances, the grantor (the person who establishes the trust) can be the trustee and beneficiary, or can choose any one person or entity to be the trustee. The revocable living trust is correctly named in that the trust is created during the lifetime of the grantor and can be revoked or changed at any time by the grantor. The trust can also live on due to incapacity of death of the grantor.

Revocable living trusts are versatile and can be used for a myriad of reasons. Perhaps you are too busy enjoying retirement or building your business to attend diligently to your day-to-day financial and investment affairs. A living trust can delegate as much or as little of this responsibility to a trustee, like the Middleburg Trust Company, to professionally manage your affairs, invest wisely, pay bills, etc.

Among the additional benefits of the revocable living trust is the avoidance of probate Upon the death of the grantor, a properly written living trust can avoid probate tax and public records of the probate court. In essence, your assets would pass through the estate settlement process in a more private manner.

When choosing your trustee, be sure to consider experience and investment skills. At The Middleburg Trust Company, we are full-time professional trustees and are thoroughly familiar with the operation of revocable living trusts. We will work with you to design an investment plan according to your specific needs and objectives, and will administer and have changes made to your trust as you direct. We will work with you and your attorney to draft a living will that addresses your concerns and can serve as your trustee if you desire. If you would like to learn more about our services please call the Middleburg office at 540-687-4233.

Middleburg Trust Company and Middleburg Investment Advisors, Inc.
are wholly owned subsidiaries of Middleburg Financial Corporation