Some people in Nevada who are creating an estate plan might want to use a revocable trust. Passing assets to beneficiaries using a revocable trust may be more private, less expensive and easier than using a will because a trust does not have to go through the public process of probate.
A revocable trust has several other uses as well. It can specify how and when assets are distributed to beneficiaries. It can also be useful in blended families to protect children from earlier relationships.
A revocable trust can be altered during the lifetime of the person who created it. After its initial creation, it is funded by moving assets into it. How these assets are moved into the trust varies depending on the asset. For example, the deed for a home would be altered so that it is in the trust’s name. Other ways to fund revocable trusts include beneficiary designations and assignments.
A trust may have a number of other uses as well. For example, it can skip a generation and pass assets on to grandchildren. It may also help protect an estate from taxes and creditors. A charitable remainder trust can aid in charitable giving. However, one thing people should keep in mind is the potential tax implications of various estate planning strategies. Individuals should look into whether they are shifting a large tax burden onto beneficiaries or creating other complications for them. Other considerations for an estate plan are documents that protect a person and their estate if they are incapacitated. A lawyer may be able to help a client set up the proper estate planning documents.