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Establishing a trust is one way to ensure your assets are dispersed according to your wishes once you’re no longer alive. Living trusts can be set up in different ways, depending on the needs of you and your family. Family trusts can be created so you can specify which family members your assets will be left to and to stipulate when those assets can be accessed. Setting up a family trust in Nevada can give you control of your money once you’re gone and can help to provide your family with a financial legacy.
A family trust is a revocable living trust. This means it is created during a person’s lifetime so they can protect their assets and indicate what will be done with them once they pass away or become incapacitated. In a Nevada Revocable Living Trust, you must decide and state several terms:
Many people think a will is sufficient when it comes to estate planning and indicating your wishes about what happens to your assets after you pass away. While wills do have their place and are an important component of estate planning, developing a family trust has some serious advantages to consider:
The help of an experienced Nevada estate planning attorney can help you create a family trust and explain the decisions to you thoroughly. There are many different types of trusts that can be created, so discussing the options with a professional is wise to make sure a family trust fits your needs best. When creating a family trust, you will choose the property that is included in the trust, designate the trustees and beneficiaries, sign the document with a notary public, and change any asset titles to indicate you own them through the trust.
A trust is advantageous for many reasons, but it does not necessarily cover all of the wishes you’d like executed after you pass away. A living trust doesn’t include everything you own, so unless you transfer every single item in writing to the trust up to the time of your death, there will be assets you own that aren’t listed within the trust. A will can cover these assets with general instructions, rather than specifically listing out each item.
A will also allows you to make decisions about what will happen to your underage children in the event of your death. You can name a guardian who will raise and care for your child in a will, but you cannot stipulate that information in a trust. Without a will, the judicial system will determine who is best fit to act as the guardian of the children.
There is no legal requirement for you to hire an attorney to create a trust, but you should consider the risks of creating one without legal counsel. Legal expertise may cost you upfront, but it can save your family money and stress in the future if it means creating a sound trust document. Even those creating a “simple” trust can benefit from the help of a lawyer, but people with complex stipulations or large estates should seriously consider hiring a lawyer to avoid any complications in the future.
Estate planning goes beyond the creation of a family trust. At Ken R. Ashworth & Associates, we are experienced and knowledgeable in all areas of estate planning law and can help you plan your estate to meet your specific needs. If you’re interested in creating a family trust to ensure your loved ones can avoid probate and receive your assets as you see fit, contact us to schedule a consultation today.