There are multiple factors Nevada residents should consider when trying to determine if they need a trust. Despite popular belief, trusts are not intended only for the wealthy, and individuals with any amount of assets may find that establishing a trust can be useful.
Individuals can use a revocable trust to ensure that their wishes are enacted should they become unable to make decisions on their own if they become incapacitated. The trust agreement can specify who should serve as the successor trustee. The successor has the authority to administer the provision of the trust, which should be well-drafted so that the needs of a grantor can be taken care of.
Some individuals may find it useful to have a living trust that is overseen by a corporate trustee, which can give them the advantage of having the assets managed by a professional investor. With the proper management, the assets in the trust can grow and be able to support the beneficiaries after the trust’s creator has passed away. Explicit instructions can be included in the trust document, detailing how the assets should be distributed to loved ones and can include tailored planning instructions for minor beneficiaries.
The fact that trusts can be used to bypass probate can be another attractive feature. If a will is used to transfer ownership of assets held in the decedent’s name, probate will generally be required, and the process can be lengthy and expensive. There are other ways in which living trusts can be beneficial, and an experienced estate planning attorney can often outline them.