What kinds of trusts does Virginia law recognize?

Revocable and irrevocable trusts (Va. Code §§ 64.2-751, 64.2-729), trusts created by will (Va. Code § 64.2-719), charitable trusts (Va. Code § 64.2-723), trusts for the care of an animal (Va. Code § 64.2-726), spendthrift trusts (Va. Code § 64.2-743), discretionary trusts (Va. Code § 64.2-746), directed trusts (Va. Code § 64.2-779.29) and qualified self-settled spendthrift trusts (Va. Code § 64.2-745.1).

Does a testamentary trust in Virginia go to court?

Its trustee qualifies before the circuit court or clerk where the will was probated (Va. Code § 64.2-1401), returns an inventory to the Commissioner of Accounts within four months after first receiving assets (Va. Code § 64.2-1300(C)) and accounts each year by May 1 (Va. Code § 64.2-1306), unless the will waives accounts and the trustee gives the 90-day notice (Va. Code § 64.2-1307).

Can a Virginia trust provide for a beneficiary with a disability?

A discretionary interest cannot be compelled by a creditor (Va. Code § 64.2-746); a reimbursement claim for public assistance does not reach a beneficiary with a substantial disability (Va. Code § 64.2-745); and a trustee may decant to a special-needs trust for such a beneficiary (Va. Code § 64.2-779.10).

Types of Trusts in Virginia

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Common types of Trusts in Virginia

Revocable living Trust

Created during life and changeable anytime; commonly used to avoid probate and plan for incapacity. You keep control — so it is not asset protection.

Irrevocable Trust

Generally can't be changed or revoked once created; you give up control in exchange for benefits some irrevocable Trusts can offer, such as certain tax or planning goals. Fact-specific — for an attorney to design.

Testamentary Trust

Created by your will and funded only after death, through probate. Useful for leaving assets to minors or in stages.

Special needs (supplemental needs) Trust

Holds assets for a beneficiary with disabilities without disrupting needs-based public benefits like Medicaid or SSI, when properly drafted.

Spendthrift Trust

Includes a spendthrift provision that restrains a beneficiary's ability to transfer their interest and limits some creditors' reach (Va. Code § 64.2-743), within limits.

Charitable Trust

Benefits a charitable purpose; certain forms can combine giving with income or tax planning. Design and compliance are an attorney/advisor matter.

Trust for a pet

A Virginia trust for the care of an animal alive during the settlor's lifetime, which the Uniform Trust Code provides for (Va. Code § 64.2-726); it ends when the last covered animal dies.

Which type of Trust fits your goals?

Trusts are tools — the right one (if any) depends entirely on your goals, your family, your assets, and tax considerations. This page is general information, not legal advice. A free role check can show you where you stand, and a Virginia attorney can design what fits your situation.

General information about Virginia law, not legal advice.

Frequently asked questions

What kinds of trusts does Virginia law recognize?: Revocable and irrevocable trusts (Va. Code §§ 64.2-751, 64.2-729), trusts created by will (Va. Code § 64.2-719), charitable trusts (Va. Code § 64.2-723), trusts for the care of an animal (Va. Code § 64.2-726), spendthrift trusts (Va. Code § 64.2-743), discretionary trusts (Va. Code § 64.2-746), directed trusts (Va. Code § 64.2-779.29) and qualified self-settled spendthrift trusts (Va. Code § 64.2-745.1).
Does a testamentary trust in Virginia go to court?: Its trustee qualifies before the circuit court or clerk where the will was probated (Va. Code § 64.2-1401), returns an inventory to the Commissioner of Accounts within four months after first receiving assets (Va. Code § 64.2-1300(C)) and accounts each year by May 1 (Va. Code § 64.2-1306), unless the will waives accounts and the trustee gives the 90-day notice (Va. Code § 64.2-1307).
Can a Virginia trust provide for a beneficiary with a disability?: A discretionary interest cannot be compelled by a creditor (Va. Code § 64.2-746); a reimbursement claim for public assistance does not reach a beneficiary with a substantial disability (Va. Code § 64.2-745); and a trustee may decant to a special-needs trust for such a beneficiary (Va. Code § 64.2-779.10).

General information about Virginia law, not legal advice.