A trust is a legal vehicle to transfer property for any of a variety of reasons. In many situations, a trust can prove even more fundamental to a coherent estate plan than a last will and testament, particularly when there are unusual circumstances, beneficiaries with special needs, or when professional judgment, management services, or investment services are desired.

The most popular use of trusts is for the conservation and management of property on behalf of young or incompetent beneficiaries.

Trusts can also be used for more sophisticated and orderly management of investments, especially when a lawyer or commercial fiduciary is a trustee, and can sometimes offer tax benefits.

An "inter vivos" trust, or one created during your lifetime, also has the advantages of minimizing probate costs and avoiding the requirements of annual accountings with regard to estate property after your death. Because an inter vivos trust need not be probated with the court like a will, one can be assured privacy in the transfer of property at death.

Depending on your personal situation and needs, the advice of a lawyer can be helpful in determining whether a trust should be used in your overall estate plan, and whether it should be "inter vivos" or "testamentary," "revocable," or "irrevocable." Sometimes more than one type of trust is helpful to achieve different or coordinated goals.

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Virginia estate planning attorney Robin S. Gnatowsky, CFP,® is a CERTIFIED FINANCIAL PLANNER™ practitioner, a certified public accountant (CPA), and an attorney focusing on financial planning, tax planning and estate planning. Richmond ● Glen Allen ● Midlothian ● Virginia Beach ● Virginia ● Florida ● Maryland ● Washington, DC