Estate planning is a useful tool for every individual who wishes to retain control over what happens to his or her estate in the future. While you may not be wealthy or own significantly valuable assets, what you have is worth protecting. Taking a few simple steps can ensure that your beneficiaries get what they need after you are gone.
A will is often the first and most basic step that Nevada families take in the estate planning process. However, you may need protections beyond the scope of a will. You may benefit from the flexibility and benefits of one of the many different types of trusts.
The benefits of a living trust
Unlike a will that only goes into effect after you die, a trust will take effect as soon as you create it. A trust can hold certain property, allow you to oversee the distribution of your money and will only pertain to property already transferred into that trust. While there are various types of trusts, it can useful to understand the benefits of one of the most common types of trust, a living trust:
- Property in the trust is protected.
- You control how assets are distributed.
- You retain the right to invest and manage trust assets.
- A trust can allow your beneficiaries to avoid the probate process.
- A living trust allows you the opportunity to enjoy trust assets during your lifetime.
- A trust can hold assets until a beneficiary reaches a certain age.
- A trust outlines how and when trust property can be distributed to heirs.
- A trust saves your heirs from undue stress and legal concerns after your death.
Most living trusts are revocable, meaning you may change and adjust the terms at any point during your lifetime. Trusts are flexible and can provide you the opportunity to dictate ownership of property and protect your estate.
Living trusts are the most common, but you may also consider how a charitable trust, special needs trust or other option may better suit your family.
Protecting your future starts today
How can you know if you need a living trust? Estate planning is a personal process, and what you need to include as part of your overall strategy stems from your assets, savings, unique objectives and personal goals.