Legal Question in Wills and Trusts in Virginia
what is the process of filing a revocable living trust vs a will when someone dies?
1 Answer from Attorneys
Well, first, whether a living trust is "revocable" or not requires carefully reading the document. So I would not jump to conclusions on that without carefully examining the document.
However, once the creator of the trust dies, the trust becomes IR-revocable (unchangeable) regardlesss of whether it was revocable or irrevocable during the creator's life.
(Strangely, the creator of the trust is often called a "Settlor" for no good reason.)
Once the creator of the trust dies, they instantly STOP being a trustee (if they were listed as a trustee).
Whatever the trust says about a successor trustee is activated instantly and automatically.
So if the trust says that person X will be the successor trustee, they are the trustee one second after the creator of the trust dies.. This is automatic.
Nothing has to be filed.
The trust continues to own everything that was in the trust the same as before.
But the person who has power to decide what will be done changes from the creator who has died to the successor trustee.
The only thing that is required is to show anyone who might need to know that Person Y is the new trustee. This usually requires showing them both the trust document and the death certificate.
The other thing that woudl be done, of course, woudl be to make a claim for life insurance, if any.
So one would probably go to the bank and show them that the person has died and update their records as to who the trustee is. That sort of thing.
But there is no need to officially file anything.
WARNING: One error that can be made is failing to transfer property INTO the trust. The trust only has power over property that has been transferred INTO the trust. One cannot just create a trust and have it cover one's property. The property must be transferred and re-titled into the trust, fo rthe trust to own the property.
For a will, of course, most people are familiar with the general details of probate.