Yes, trusts can avoid probate in West Virginia. By transferring assets into a trust, you can bypass the probate process, which can be lengthy and costly. Assets held in a trust are not considered part of your personal estate and are not subject to probate upon your death.
The cost of creating a trust in West Virginia varies, but a basic Revocable Living Trust generally ranges from $1,000 to $3,000. The cost may be higher for more complex trusts or if you require the assistance of an attorney. Online legal services can offer more affordable alternatives for creating trusts.
The overall cost of estate planning in West Virginia tends to go up to around $4,250.
A Revocable Living Trust is the most common type of trust and allows you to maintain control over your assets while avoiding probate. Other types of trusts, such as Charitable Trusts or Special Needs Trusts, may be appropriate depending on your specific estate planning goals.
To fund a trust in West Virginia, transfer ownership of your assets into the trust. This involves re-titling real estate, changing account holders for bank accounts, and transferring ownership of personal property, vehicles, business interests, stocks, and bonds.
Adding a house to a trust in West Virginia can be a little more complex — the state has specific rules and regulations about this.
In West Virginia, any individual who is at least 18 years old and mentally competent can serve as a trustee. Additionally, West Virginia law allows for corporations, such as banks or trust companies, to serve as a trustee if they are authorized to exercise trust powers in the state. Trustees must be able to handle and take care of property, and they can't have been found guilty of serious crimes, including felonies or crimes that involve dishonest or immoral behavior.
In West Virginia, changing your living trust involves creating an amendment to the original trust document. You must state the changes you wish to make clearly in the amendment, such as modifying the distribution instructions, altering trustees, or adding or removing beneficiaries. The date, your name, the name of the trust, and the date the trust was created should all be included in the amendment. You should sign the amendment in the presence of a notary public, just like the original trust document. If you have numerous changes to make to your living trust, it may be more efficient to make a restatement of the trust. A restatement allows you to rewrite the trust in its entirety while keeping the original date and title of the trust, which can be advantageous in avoiding the need to retitle assets. You would include all the changes you wish to make in the restatement, and these new provisions will entirely replace the old ones.
