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 own 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 changed 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 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. 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 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. 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 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 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. And 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?
Finding an attorney to help with a living trust involves careful research, consideration of your needs, and verification of the attorney’s expertise and experience. Here are the steps to guide you in your search:
- Look for an Attorney With Estate Planning Experience: The estate planning attorney you choose should have experience drafting living trusts and administering trust assets. You can ask your family and friends for recommendations or check online reviews of local attorneys with expertise in living trusts and estate planning.
- Verify Credentials and Qualifications: You should verify the credentials and qualifications of the attorney you are considering. Check if they have any disciplinary actions against them and research their practice area to ensure they qualify for your case.
- Book a Free Consultation: Once you have identified an experienced estate planning attorney, book a free consultation to discuss your requirements in detail. During this meeting, you can ask any questions about the trust formation process and how to ensure your assets are distributed per your wishes after death.
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.