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.