How to Create a Living Trust Nevada
What Is a Living Trust?
A revocable living trust (also known as a family trust) is a legal document that helps people avoid probate and estate taxes by transferring their property to the trust. The trust’s job is to take care of the owner’s property while they are alive and then transfer it at death according to the instructions in the trust agreement.
Creating trust is beneficial if you want to avoid the probate process altogether. When making a living trust in Nevada, you will be the grantor – you’ll be the trust assets owner and decide the terms of the trust and its assets.
You will decide the trustee, who must be a person you can rely upon. The trustee will be managing the assets in the trust for your own benefit. You will also decide on the beneficiaries and successor trustee who will manage the assets after you die.
You can be both the grantor and the trustee of your living trust during your lifetime. And as the trustee, you have complete control over all trust property. You can buy or sell trust property, change the terms of the trust, or even dissolve the trust entirely—all without court approval.
Some assets, such as retirement accounts and life insurance policies, cannot be put into a living trust. But most other kinds of property can, including your home, vacation property, cars, investments, bank accounts, and business interests.
Since the average person is unfamiliar with the legal details of creating a living trust, it can be helpful to consult an experienced law firm, such as Wood Law Group.
How Much Does a Living Trust Cost in Nevada?
A living trust is a great estate planning option for those who want to transfer property without going through the probate process.
Creating a living trust in Nevada can cost you differently depending on the assets, marital status, and special needs. Moreover, it also depends on the firm or attorney you are working with.
It can also carry if you are single or married or need any special conditions. However, if you are working with Wood Law Group, they will serve you with a package that works to your advantage.
The firm is well-known for seamlessly helping clients create revocable living trusts, an estate plan, “pour-over” last will, durable power of attorney for health care decisions, and the restatement of revocable living trusts.
Attorneys at Wood Law Group will make a trustworthy attorney-client relationship, assist you in understanding the probate laws, and help you manage your personal property without involving the probate court.
Nevada Revocable Living Trust
A revocable living trust is a type of trust that enables the grantor to change the terms of the trust. The trust becomes irrevocable only after the grantor dies. The person who created the revocable living trust is called a grantor. The person who benefits from this trust is called a beneficiary.
The grantor transfers all property to the trust and the rights and powers of ownership. It is then possible for the grantor to change the terms of the trust by signing a new document.
For example, a spouse may transfer some property into a revocable living trust for that spouse to retain some of their assets to have complete control over the assets during their lifetime.
The grantor of a revocable living trust is sometimes referred to as a settlor. A trustee is an individual who manages the trust’s assets for the beneficiary’s benefit. The trustee can decide what property is invested and who receives the benefits of that property.
How to Set Up Revocable Living Trust in Nevada?
Setting up a revocable trust is easy with the assistance of a reputable attorney like those at Wood Law Group. To make a revocable living trust in Nevada, you need to do the following steps:
1) Decide the Type
Decide the type of trust you want to make, whether shared or individual. Both styles come with their benefits and requirements. It is better to ask an attorney about shared and individual trust details.
2) Decide Your Assets
You won’t like to make a living trust of all of your assets. It is better to determine your assets and which of those you would like to convert into a trust. If you are struggling to decide, ask your attorney for advice. He will also guide you about the estate planning options.
3) Choose a Designated Successor trustee
A successor trustee is a person or institute managing your trust after your death or if you’ve become incapacitated. You can define the successor trustee’s terms, conditions, and authorities as a sole trustee.
4) Decide on Trust Beneficiaries
Beneficiaries are those people for whom you’ve created the trust. Trust’s beneficiaries could be anyone you want, including family members, friends, etc. The authority of deciding beneficiaries is yours.
5) Decide on Death Beneficiaries
Death beneficiaries are peoples who will inherit your estate after your death. You can set terms and conditions for how they will receive their inheritance.
6) Create a Trust Document
Once you have decided on all significant terms, it is time to create a trust agreement document. Your attorney will help you create a trust document based on your terms.
7) Sign Documents in Front of a Notary Public
Signing your trust agreement in front of the notary public will help you when anyone tries to challenge the authority or authenticity of your signature after you depart from this world.
The process of making a living trust isn’t complex. But you’d need the help of an experienced attorney to determine the terms of your benefits. Wood Law Group is one of the leading law firms serving clients in making a living trust and estate planning in Nevada, Clark County, Las Vegas, and nearby areas. Book a free initial consultation and get help from experienced lawyers.
Do I Need a Living Trust in Nevada?
You don’t have to have a living trust in Nevada if you are unsure about it. You can pass assets to the next generation through a will. However, there are some benefits of having a living trust, such as:
Avoids Probate Court
One of the primary benefits of having a living trust is that it will help you avoid probate. Probate is the legal process of transferring your assets to your beneficiaries after your death.
Save Time and Money
Probate can be time-consuming and expensive. The probate process can take months or even years to complete. And you will have to pay the probate fees and attorney’s fees from your estate.
Keep Your Affairs Private
Another significant benefit of having a living trust is keeping your affairs private. The probate process is public, and anyone can access the probate records.
Maintain Control of Your Assets
With a living trust, you can maintain control of your assets during your lifetime. And after your death, the trustee will manage the trust’s assets according to your terms.
Get Help From Nevada Living Trust Lawyers
Although it is not necessary to work with an attorney to create a living trust, to determine the terms of trust and trust administration, you need an experienced person who can help you understand the process. Moreover, not all of your properties will lie under the living trust. You might need to create a will or find any other possibility to secure your assets for full coverage.
Working with experienced attorneys who have diverse experience in will and living trust creation could be significant. It will save up your time and efforts in understanding the probate forms and other process details.
Wood Law Group has an experienced team of attorneys who carefully understand your situations and expectations, form a reliable attorney-client relationship, and help you go through the process without any hassle.
To create a living trust in Nevada, schedule a free consultation by calling (702) 388-1711.