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Download this Virginia Revocable Living Trust Form which provides a way in which a grantor (an individual creating the trust) can set aside assets and property into a separate entity called a trust.  The trust exists apart from the grantor and therefore survives the grantor.  A trust also allows the grantor to dictate provisions that reflect his or her family situation,  For instance, a grantor may require that a beneficiary be a certain age before they can receive their share of the trust funds, or a grantor may specify that the funds are only to be used for education.  The grantor appoints a trustee who is charged with administering the trust in a fiduciary capacity for the benefit of the beneficiaries.  A revocable trust can be modified or terminated during the life of the grantor, but it becomes irrevocable when he or she dies.