Will Substitutes

Question 1

An inter vivos trust in Virginia is presumptively…

Answer 1

revocable and amendable, absent express terms to the contrary.

Question 2

A testamentary gift to an inter vivos trust, or “pour-over will” permits…

Answer 2

testamentary assets to be disposed of under a trust created during the testator’s lifetime.

Question 3

A pour-over will can be empty if:

Answer 3

1. Identified in will;
2. The trust terms are set forth in an instrument separate from the will.

Question 4

Any joint bank account is presumptively a…

Answer 4

survivorship account, unless the depositor plainly excludes a right of survivorship.

[can be rebutted by clear and convincing evidence]

Question 5

A “Totten Trust” or “POD account” is…

Answer 5

a bank account where the depositor declares themselves as the trustee of the account for a person who is to receive the money in the account at the time of the depositor’s death.

[not really a trust]

Question 6

A Totten Trust does not protect against…

Answer 6

creditors, or the elective share.

Question 7

If the beneficiary of a Totten Trust predeceases the depositor, the account…

Answer 7

terminates.