Cassady Law Offices, P.C. - Las Vegas Estate Planning Attorney
Call for a free consultation
702-706-1083

Uses of a living revocable trust

People in Nevada may find that a living revocable trust meets many of their estate planning needs. However, a living revocable trust does not eliminate the need for a will. A will can help protect assets from creditors and appoint guardians for minor children. Furthermore, a pour-over will transfers other assets. A trust also does not necessarily protect assets from state tax, but it can serve a number of other useful purposes.

A person faced with a choice between appointing a professional to probate a will and establishing a trust may find that the trust is less expensive. A trust is also more private than a will, which is a matter of public record. A trust is only ever open to the public in the case of litigation. For example, a person who feels they should have inherited something and did not might file a lawsuit, and in that case, the details of the estate might be public. Otherwise, only beneficiaries and, in some cases, secondary beneficiaries have access to the details of a trust.

A person with a large estate may also want the additional FDIC protection that a trust offers. Finally, assets such as retirement accounts do not go into trusts, but the trust can be named as a beneficiary if there are minor children or in other circumstances.

There are many complications and considerations in putting together an estate plan, and people who are doing so may want to discuss their situation with an attorney. A living revocable trust is only one of many options available. In addition to arranging for distribution of assets, people who are making estate plans may want to also consider documents such as a living will and a power of attorney that cover health care and financial matters if a person is incapacitated.

No Comments

Leave a comment
Comment Information
Email Our Team

More Questions? We Have Answers.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Las Vegas Office
10799 West Twain Avenue
Las Vegas, NV 89135

Toll Free: 800-557-6423
Phone: 702-706-1083
Fax: 702-650-5561
Las Vegas Law Office Map

Henderson Office
2425 W. Horizon Ridge Pkwy.
Henderson, NV 89052

Toll Free: 800-557-6423
Phone: 702-706-1083
Map & Directions