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.