11.6 Execution of Other Estate Planning Documents

• Library: Estate Planning in Virginia (Virginia CLE) (2018 Ed.)

11.6 EXECUTION OF OTHER ESTATE PLANNING DOCUMENTS

11.601 Trusts. Generally, the execution of a trust agreement requires the grantor and the trustee to sign the original document in the presence of a notary. ⁹⁵ If an exhibit is attached identifying the initial assets of the trust, it is advisable to have the parties sign or initial the schedule. If a check or cash is changing hands between the grantor and trustee, this should be taken care of at signature time. In addition, the parties should take care of, or be made aware of, their other potential responsibilities associated with the new trust agreement, if applicable, such as sending Crummey notification letters to beneficiaries, securing a tax identification number, establishing a bank account for the trust, and completing any changes of beneficiary forms for assets that may later be payable to the trust.

The parties should be reminded that real or personal property to be conveyed to the trust must be retitled in the name of the trustee. Section 64.2-772 of the Virginia Code provides that a deed or other instrument conveying real or personal property to a trust instead of a trustee constitutes a fully effective conveyance of the property to the trustee.

11.602 Powers of Attorney. The client must sign the original of the power of attorney in the...