The main reason many Nevada residents may create an estate plan is to implement tax-saving strategies that can limit the estate taxes their heirs may have to pay. However, there are other, non-tax reasons estate planning should be used.
With the proper estate plan in place, individuals can make sure that the involvement of the probate court will be minimized or that estate will not have to go through the probate process at all, as it is a lengthy and expensive process. For example, a revocable living trust can be used as a vehicle to transfer assets to the intended heirs without having to use the probate process.
Individuals who would prefer not having details of the estate available for the general public to see can use an estate plan as a privacy tool. While having a will is an important part of an estate plan, having only a will means that the contents of the will, such as a list of assets of an estate, will be made part of the public record. To avoid such disclosures, individuals may consider using a revocable trust, business entity or irrevocable trust as a means for privatizing the details of their estate.
Trusts are an important part of estate planning, and there are multiple types of trusts individuals can consider using in their estate plan to ensure that their wishes regarding their estate are honored. Trusts can be used as a mechanism for regulating the distribution of assets to beneficiaries. They are also effective tools for protecting assets intended for heirs from their creditors.
An estate planning attorney may advise clients about what types of trusts should be included in an estate plan to achieve their goals for the assets in their estate. Assistance may be provided for drafting the provisions of a living trust or charitable remainder trust.