As individuals begin to think about transferring assets upon death, many questions arise regarding the best way in which to do this. Many Nevada residents recognize the need to make these decisions; however, there is often confusion surrounding which way would be most beneficial for a particular individual and his or her circumstances. Several of the choices available include the traditional will and probate process and a revocable living trust.
A revocable living trust may be an option that one wants to consider. With it, assets are actually transferred to the trust with the trustor still owning and controlling the property. The benefit here is that, upon the trustor’s death, a previously named successor becomes trustor and can then distribute property to those it should go to. This allows the individual to avoid the probate court process.
In the event that an estate must go through the probate court process, the cost is greater, and there is less going to the beneficiaries. Furthermore, the probate court system can be time-consuming. In some cases, it could take a year or more before the estate is processed and transferred to its rightful heirs. Finally, there is the issue of privacy. With probate, the will and other probate issues becomes public.
The decision on how best to transfer assets upon an individual’s death is a personal one that should be given thoughtful consideration. Residents of Nevada will most likely want to research their options, including the possibility of using a revocable living trust. The final decision should be made taking into consideration the value of the estate, the beneficiaries and which avenue is in the individual’s best interest.
Source: senior-spectrum.com, Why a revocable living trust?, Richard Will, Feb. 4, 2014