When looking for a relatively easy way to transfer assets to beneficiaries while still maintaining privacy and keeping costs at a minimum, many Nevada residents find that a trust is the appropriate tool. By establishing either a revocable or irrevocable trust, the individual is able to dictate exactly which assets or investments are to be received by each beneficiary. Careful trust planning can effectively transfer assets while avoiding the cost and time associated with probate.
One of the keys to trust planning is the selection of a trustee. Many times, the individual who establishes the trust will act as trustee during his or her lifetime. However, it is necessary for a successor trustee to be selected. There are many issues to consider when selecting this trustee.
Some individuals prefer to have a professional act as trustee. Many banks, trust companies and lawyers offer this service to their clients. Other individuals prefer to have a close family member or friend act as trustee.
If an individual is selected as trustee, care should be taken to ensure that this individual has the ability to perform the necessary tasks associated with this role. First, this individual needs to be able to handle record keeping and other financial tasks. The individual selected as trustee should also have the ability to work with a variety of people under less than desirable circumstances. It is always possible that one of the beneficiaries may not be completely satisfied with his or her inheritance. Careful trust planning and selection of an appropriate trustee can make the transfer of assets a fairly smooth task for the Nevada family who has just lost a beloved family member.
Source: tampabay.com, “A checklist for reviewing your trust“, , April 25, 2014