Estate Planning attorneys provide advice and draw up a number of different documents that are needed by someone to provide an efficient way of passing real and personal property on to Beneficiaries. Though it is a grave subject, planning for the future of your property and estate after your death is important to ensure that it smoothly transfers to your loved ones. The most commonly used documents that individuals contact attorneys for are living trusts, wills, powers of attorney and healthcare directives. A competent lawyer can and should explain the advantages and deficiencies of wills and trusts. Attorney Daniel Potucek can discuss these options with you to determine the best route for you to take. Daniel has the experience necessary to create an accurate will or trust so that you have the assurance that your property will be taken care of in the manner you wish.

What is a trust?

A trust is a legal tool used for estate planning. It can be used to help your loved ones avoid the probate process after your passing. A trust attorney in Henderson can help you ensure that your assets and property are passed on to beneficiaries seamlessly.

A trust is a type of legal arrangement that is designed to transfer the assets of the owner to a trustee. A trustee is a fiduciary, who is responsible for handling all assets in the trust in accordance with the terms laid out on the trust document. Having a trust in place is recommended for certain people with certain assets. It is an ideal estate planning document because if properly done, your estate won’t go through the probate process. This saves money and time

What is a living trust?

This is a trust that is set up during a person’s life and is used for their benefit until death. Upon the trustor’s death, the Successor Trustee takes over and distributes the assets to the named Beneficiaries according to the Trustor’s directions. You need to appoint a Successor Trustee to serve after you die. A revocable trust is one that you can modify or revoke while you are alive. After you die, your trust becomes irrevocable, and cannot be changed.

What to put into a trust:

The process of transferring assets into a trust is called “funding.” An attorney’s assistance is wise in order to properly transfer real property, bank accounts, stocks, and other assets into the trust. Throughout the life of the trust, you need to transfer any new assets into the trust, otherwise, those assets will most likely be subject to probate.

Having a trust makes it possible to have your wishes and desires continue after your death. This is wise when your named beneficiaries are not old enough or capable enough to handle their inheritance. If a living trust is in place, the assets of the deceased can usually be distributed without probate in a fast and efficient manner.

If you have no trust, your financial matters become public records when they go through probate. With a trust your assets are kept private. In Nevada, all beneficiaries are authorized to receive a copy of the trust.

Some truths about having a trust:

Trusts are most often not as costly to administer compared to probate administration. Trusts are not under the jurisdiction of the courts and the trustee is responsible for assessing assets, paying debts and taxes, and distributing assets to beneficiaries. Some problems may arise when the trustee doesn’t carry out his duties. It is important to have your trust drawn up by an attorney, or at least have an attorney look over a previously prepared trust or will. Untangling a poorly done trust or will can cause a lot of problems.

Trusts in Nevada

There are both revocable and irrevocable trusts. A revocable trust may be terminated or revised at any time while the owner is alive. An irrevocable trust cannot be altered and must be managed by a trustee. There are also charitable trusts that can be created to transfer assets to a charity of your choosing after your death. In addition, special needs trusts can be created to financially provide for a beneficiary with special needs, who require financial support.

Benefits of Establishing a Trust in Nevada

When you create a trust for your heirs or beneficiaries, you help them to avoid probate in Nevada. In doing so, your trust assets will remain private, while a will becomes part of the public record. Trusts provide privacy for you and your beneficiaries, preventing your financial matters from being accessed by the public.

Trusts also allow for you to include very specific provisions on the distribution of your assets. For example, you can instruct that your children or grandchildren receive money from the trust only after they have reached a certain age. In other cases, you can limit distribution amounts from the trust each year so that beneficiaries only receive a certain amount, rather than the total they are set to receive. Your trust attorney in Henderson will help you to create a trust that is unique to your explicit wishes.

Another potential benefit of creating a trust is that they may be more difficult to challenge after you’ve passed away. A living trust can also prevent you from being placed under guardianship in the event that you become incapacitated in any way.

Schedule a Consultation with a Trust Attorney in Henderson

A trust can be a helpful estate planning tool to ensure that your assets are distributed in keeping with your wishes, upon your death. A trust attorney in Henderson and Las Vegas can help you to prevent your family from going through the probate process and ensure that your financial matters remain private.

To create a trust in Henderson or Las Vegas, contact the experienced probate, wills, and trust attorneys at The Law Offices of Daniel Potucek today by calling 702.558-3400.