Nevada Living Trust 101 – by Clayton R. Leonard, Esq.

In the world of estate planning, a Nevada Living Trust, also known as a Revocable Living Trust, stands out as a powerful tool for managing your assets and ensuring a smooth transition upon your death. A revocable living trust offers a unique blend of control and convenience making it a popular choice for Nevada residents. This article briefly delves into the intricacies of a Nevada living trust, explores the benefits, how it works, and the considerations involved in setting one up.

Benefits of a Nevada Living Trust

Nevada’s complex probate process makes a living trust particularly attractive. Simply stated, probate is the court-supervised procedure for proving a will (or lack thereof) when someone dies with assets in their name only. It can be time-consuming, expensive, and is public record. On the other hand, a living trust allows you to bypass probate for assets placed within the trust, saving your beneficiaries time, money, and the burdens of going to court.

Here are some key benefits of establishing a Nevada living trust:

• Avoid Probate: Assets titled in the trust’s name avoid probate, ensuring a faster, less expensive, and private distribution to your beneficiaries.
• Retain Control: As the grantor (person who creates the trust), you retain complete control over your trust’s assets during your lifetime. You can add, remove, or sell assets as desired.
• Successor Trustee: You designate a successor trustee to manage the trust upon your incapacity or death. This ensures a seamless transition and avoids the need for court intervention to appoint someone.
• Incapacity Planning: The trust, along with a comprehensive estate plan, can designate someone to manage your finances and healthcare decisions if you become incapacitated. These are typically done with a financial and medical power of attorney. This provides peace of mind knowing your affairs will be handled according to your wishes.
• Privacy: Unlike probate, which is a public process, the terms of a living trust remain private and are administered outside court purview.

How a Nevada Living Trust Works

The core elements of a Nevada living trust include:

• Grantor: You create your trust and transfer assets into it.
• Trust Assets: You generally would transfer all your assets into your trust, including your real estate, personal property, bank accounts, investments, vehicles, and other assets.
• Trustee: You are the trustee and can designate a successor to take over upon your death or incapacity.
• Beneficiaries: The individuals or entities who will receive the trust assets upon your death according to your instruction.

The Process of Establishing a Nevada Living Trust

While you can find living trust templates online, it is highly recommended to consult with an experienced Nevada estate planning attorney. They can guide you through the process, ensure the trust is properly drafted to comply with state laws, and address your specific needs and goals.

Here is a general overview of the steps involved:

1. Consultation with an Attorney: Discuss your estate planning goals with an experienced Nevada attorney.
2. Drafting the Trust Agreement: The attorney will draft a customized trust agreement and other estate planning documents containing your wishes regarding asset distribution, successor trustee appointment, and incapacity provisions.
3. Review and Signing: Carefully review the trust agreement and other supporting documents with your attorney then sign it.
4. Funding the Trust: Transfer ownership of your assets to the trust.

Important Considerations for Nevada Living Trusts

While living trusts offer significant advantages, here are some other key points to consider:

• Cost: The cost of setting up a trust is much less than the cost of probate after you are gone. You will be doing your beneficiaries a huge favor by taking steps now to avoid a long and expensive court proceeding later.
• Maintenance: Periodic review and updates to the trust may be necessary to reflect changes in your family or financial situation.
• Asset Protection: A common misconception is that a living trust provides you with asset protection, it does not. However, Nevada is one of the few states that allows for asset protection trusts. For more information on Nevada asset protection trusts, please visit our website at: https://www.rlbolick.com/asset-protection/asset-protection-trusts/.

Nevada Living Trust: A Smart Choice for Peace of Mind

For Nevada residents seeking to streamline the estate planning process, avoid probate, and ensure their wishes are carried out, a revocable living trust offers a powerful solution. By working with a qualified estate planning attorney at Robert L. Bolick, Ltd., you will create a personalized trust that safeguards your assets and provides peace of mind for you and your loved ones.

Schedule a free initial consultation today!

Call our office at 702-690-9090, or reach us online.