Living trusts offer advantages over traditional wills

On Behalf of | Oct 10, 2016 | Trusts

Many Nevada residents believe that drafting a will is the best way to ensure that their estate will be distributed according to their instructions after they die, but placing assets in a living trust offers a number of advantages not provided by a traditional will. Individuals have free access to assets they have placed in a living trust while they are alive, and what remains after they pass away is divided among their heirs according to their instructions.

While living trusts can be costly to set up, they allow estates to avoid going through the probate process. Living trusts are especially attractive to individuals who own property in more than one state and wish to avoid subjecting their heirs to protracted legal proceedings in several locations. Establishing a living trust allows individuals to proactively see to administrative and documentary issues that their heirs would otherwise have to take care of during probate.

To place real estate in a living trust, a new deed must be drafted naming the trust as the owner. This is usually taken care of by the attorney who drafted the trust. Any lenders with an interest in the property should be informed about the new arrangement to avoid unnecessary misunderstandings in the future.

When Nevada residents contemplate an estate plan, they often worry about their heirs becoming involved in bitter family or legal disputes. They may also fear that leaving large amounts of money to relatives with poor judgement or substance abuse problems could do more harm than good. Experienced estate planning attorneys may be able to ease these concerns by explaining how trusts allow estates to be administered more discreetly and provide people with far more control over when and how their assets will be distributed.