A trust may be an effective tool for Nevada residents to manage their assets well into the future. However, a trust can end for a variety of reasons. First, the trust may end because the assets inside of it have been used up. This may happen if money has been paid out to a beneficiary or the property titled to the trust has been destroyed.
A trust may also end because the person who wrote it stipulated a specific end date. For instance, it could end when a beneficiary turns 18, graduates from school or meets some other milestone. It is possible that there is still property inside of a trust when it expires or otherwise ceases to exist. In such a scenario, there may be instructions left by the grantor of the trust as to how they should be divided.
However, there is a chance that no such instructions were provided. If that is the case, the trustee and beneficiaries are tasked with making sure that assets are split in a fair fashion. The trustee is the person or entity charged with executing the trust according to how it is written or how the trustee interprets it to be written.
Those who have a living trust or want to create one may wish to talk with an attorney. An attorney may be able to review the existing document or create one in accordance with state law and the grantor’s wishes. Creating a trust may help some or all assets owned by the grantor bypass probate. It may also make it easier to deal with medical, guardianship or property management issues if an individual becomes mentally incapacitated.