Property Ownership
In Virginia, a property held in trust for a minor beneficiary is managed by:
AThe minor directly
BA trustee appointed in the trust document✓ Correct
CThe Virginia Real Estate Board
DThe local circuit court automatically
Explanation
A trustee named in the trust document manages trust property for the beneficiary. Minors cannot hold or convey real property directly in Virginia.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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