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 manage the trust assets for your benefit. You will also decide on the beneficiaries and successor trustee to 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 involvement.

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, consulting an experienced estate planning attorney, such as those at Wood Law Group, can be helpful.

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 your 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 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. Unlike an irrevocable living trust, which cannot be altered without the beneficiaries’ agreement, the grantor can modify or revoke a revocable living trust at any time. It only 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 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. Determining your assets and which of those you want to convert into a trust is better. 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 someone or an institute managing your trust after 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 people 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. 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 the probate process altogether. Probate is the legal process of transferring assets to beneficiaries after 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 and attorney’s legal 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. After your death, the trustee will manage the trust’s assets according to your terms.

How Much Does a Living Trust Cost in Las Vegas?

The living trust cost in Las Vegas will depend on the complexity and size of your estate. Most attorneys charge a flat fee for creating a living trust. However, the cost of making a living trust may also include fees for filing documents in court and other administrative expenses.

Wood Law Group provides free initial consultations, so book an appointment to get an estimate for creating a living trust in Las Vegas. We offer reliable and skilled legal services at competitive prices. Contact us today.

Can You Set up a Trust Without a Lawyer?

You can set up a trust without the help of a lawyer. But it is highly advised not to do so. A living trust is a legal document, and making any mistake while creating it can cost you dearly in the future. It is better to consult an experienced attorney to create a properly drafted trust and protect the interests of your beneficiaries.

How Do I Find an Attorney to Help With a Living Trust?

When establishing a living trust, choosing the right attorney is crucial. The attorney you select should not only be experienced in the field, but they should also be adept at understanding your unique needs and goals and be capable of setting up such a trust that best suits your circumstances. Here are a few steps to help you in your search:

  • Understand the Expertise Needed: Attorneys specializing in estate planning know the ins and outs of setting up living trusts. They are well-versed in the complex nuances of federal estate tax laws and asset protection strategies, making them the ideal choice for your needs.
  • Research and Referrals: Look up local attorneys and check their reviews online. You can also request referrals from friends or family members who recently set up a trust.
  • Interview Potential Candidates: Once you have a few names, arrange consultations. During these meetings, ask about their experience creating living trusts, their approach to estate planning, and their understanding of federal estate tax implications.
  • Consider the Costs: Fees can vary significantly among attorneys. Some might charge a flat fee for creating a trust, while others may bill by the hour. Be sure to ask about the fee structure upfront to avoid any surprises.
  • Trust Your Gut: Finally, choose an attorney you feel comfortable with. You’ll share personal details of your life and assets with this person, so you must trust them and be confident in their abilities.

Remember, your living trust is an important document that will impact your asset protection and estate planning strategies for years. Therefore, take the time to find an attorney who is a good fit for you and can guide you through the process smoothly.

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 to 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. Understanding the probate forms and other process details will save time and effort.

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 through the process without hassle.

To create a living trust in Nevada, schedule a free consultation by calling (702) 388-1711.