Express Trusts

Generally speaking, in Virginia, in an express trust, a trustee holds legal title to specific property under a fiduciary duty to manage, invest, safeguard, and administer the trust assets and income for the benefit of designated beneficiaries, who hold equitable title.  Such a trust arises from the expressed intention of the owner of property to create a trust with respect to the property.  Express trusts fall into two categories:  private trusts and charitable trusts.

Private Trusts:  A private ("noncharitable") trust has one or more ascertainable persons as beneficiaries; e.g., a trust to pay the income to the settlor's wife for life and at her death to distribute the trust principal to the settlor's living descendants

Charitable Trusts:  A charitable trust is one for a purpose that is classified as charitable (e.g., the advancement of religion, science, or education, or the promotion of health) and cannot be for the benefit of individuals.  A charitable trust can be perpetual; a  private trust, on the other hand, all interests in the trust must vest, if a all, within the common law period of lives in being plus 21 years.

As usual, every situation has exceptions.  Consult with a Charlottesville attorney to find out the full details.

Tucker Griffin Barnes P.C.
Charlottesville, Virginia
www.TGBlaw.com
Inquire@TGBlaw.com

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