Estate planning is a critical step for every individual, ensuring your legacy is preserved and your loved ones are protected according to your wishes. In Virginia, one of the most versatile and often misunderstood tools in an estate plan is the revocable living trust. What is a Revocable Living Trust? A revocable living trust, often simply called a "living trust," is a legal document that allows you to place your assets into the trust during your lifetime. You, as the creator of the trust (the "Grantor" or "Settlor"), typically serve as the initial trustee, managing the assets for your own benefit (as the initial beneficiary). The "revocable" aspect means you maintain full control; you can modify, amend, or even revoke the trust entirely at any time, as long as you are mentally competent. Upon your incapacity or death, a successor trustee you've designated steps in to manage or distribute the trust assets according to your ins...