When it comes to revocable living trusts, it’s important that Nevada estate holders use these legal devices to their full advantage. Otherwise, they will incur a waste of legal fees and heirs will not be able to fully benefit from the trusts.
With a standard living trust, individuals and their spouses serve as co-trustees to a trust in which they transfer the majority of their assets. They still have complete autonomy over the assets. The only difference is that instead of being individual owners, they now act as trustees.
One of the main benefits of a living trust is that it allows assets to avoid the probate system. After the creator of the trust dies, the management of the assets will be transferred to the successor trustee, who will be responsible for distributing the trust assets to the heirs and executing the other provisions of the trust.
Another advantage of a living trust is that it protects the privacy of the estate. Unlike with the contents of a will, the provisions of the trust and the assets it owns are not part of the public record.
A living trust is also useful if the original owner becomes incapacitated or disabled. The successor trustee would take over management of the trust and its assets after being accepted by the custodian of the assets. This transfer of management authority may take place with less hassle than one would have if there was a power of attorney in place.
An attorney who practices estate planning law could advise clients about the various types of trusts and which one may be best suited for their preferences and goals. Clients may be advised how trust planning can be used to protect assets from the probate process and the creditors of beneficiaries.