When Do You Need a Revocable Trust?
In Nevada, the probate process is complex. As a result, loved ones are often forced to wait through lengthy and costly probate during their time of grief. If you wish to spare your loved ones this stress and worry, it is important to consider a revocable living trust. Take the time to set up a revocable living trust with your estate planning attorney. When you do, you can rest easier knowing that you have protected your loved ones and your estate from unnecessary obstacles and hurdles.
What is a Revocable Living Trust?
A revocable living trust is a part of an estate plan. Together with other vital documents, it provides protection and direction after your death. These documents give your loved ones and the state a plan for the administration and distribution of your assets. Even if you do not have many assets to consider, a revocable living trust is valuable and vital.
When you set up a living trust, your estate and its assets are transferred to a trust. This trust is managed by a trustee. Typically, you are the trustee of this trust and will retain complete control of your assets until your death or incapacity. This type of living trust is revocable because you can change it at any time and for any reason before you die.
Upon your death, the management of the trust will go to a successor trustee. This trustee will act on your behalf and administer the trust according to your wishes.
The duties of the successor trustee depend on the terms of the Declaration of the Trust as well as local and state law. An estate planning attorney can help if you’ve been named as a successor trustee or if you wish to choose the right successor trustee to administer your trust.
Who Needs a Revocable Trust?
Many individuals do not believe that they need a revocable living trust. They may mistakenly believe that an estate plan is just for rich Americans or for people with large assets. This is the furthest thing from the truth. The majority of Americans could benefit greatly from establishing a revocable living trust.
Not sure if you need one? If you answer yes to any of the following questions, you need a living trust!
- Do you have any real property (a home) in your name?
- Do you have minor children and a life insurance policy?
- Are you currently in a second marriage?
- Do you have any major issues or assets?
- Do you wish to distribute your property unequally or wish to leave specific items to certain loved ones?
- Are you thinking of disinheriting a family member?
- Did you receive an inheritance of your own?
Creating a Living Trust in Nevada
In Nevada, you must complete specific forms to establish a living trust. The best way to do this and ensure that you do not make any critical mistakes is to contact an experienced estate planning attorney. Your attorney will walk you through the process and make it as easy as possible.
When you create a living trust, you must name yourself as the trustee to manage the property. You must also choose a successor trustee. This should be someone you trust explicitly to follow your directions and distribute your property according to your wishes. Typically, most people choose a close friend or family member.
After you’ve chosen trustees, you must name the trust beneficiaries. A beneficiary is someone who will receive your property and assets when you die. This can be a friend, a family member, or even a charitable organization. Upon your death, the successor trustee obtains the property and transfers it to the beneficiaries you named. No probate or court involvement is required.
For assets that do not have a title, you can still transfer them to the trust. Simply list these items on the trust schedule. You can also use a Notice of Assignment to let the trustee know which beneficiary gets the designated item. This is important if you wish to leave family heirlooms to one specific family member or divide up jewelry between grandchildren specifically. A living trust allows you to have control over who gets your personal items and avoids unnecessary fighting between family members after you’re gone.
Looking for an Estate Planning Attorney?
If you are looking for an estate planning attorney in Nevada, California, or Utah, call John Park Law. We can help you establish a revocable living trust – no matter what state you’re in. We know the state laws that might affect your trust and will use our experience and knowledge to provide exceptional legal guidance throughout. We know that your family and your situation are unique. That’s why we meet with you personally to help you learn more about your individual options. Call us today for a consultation and review, or fill out our confidential contact form.
John Park is a highly experienced attorney in estate planning, probate, business law and guardianship to help people organize the elements of their lives through careful estate planning and asset protection measures.