Using revocable trusts

On Behalf of | Mar 4, 2019 | Trusts

There are multiple legal documents needed to have an efficient estate plan. In addition to having a power of attorney, will and medical directive, Nevada residents should also make sure that they include a trust, such as a revocable trust, in their estate plans.

After the death of the grantor of a revocable trust, the trust will remain effective as long as necessary to have the grantor’s wishes honored. If the deceased grantor was the trustee of the trust, the provisions of the trust should address who should be successor trustees. It is also important to note that at the death of the grantor, the revocable trust becomes irrevocable.

There are a number of benefits of having a revocable trust. The assets in the trust will not have to go through the lengthy and expensive probate process after the grantor dies. A revocable trust also affords families discretion, as the trust can keep the transfer of assets private.

People who have assets in more than one state can also use the trust to hold the titles to those assets so that the assets will not have to go through the probate processes. Without the trust, the assets in the various states may be subject to ancillary administration or probate in those states.

Being able to control how assets are distributed is a benefit that compels many people to use a trust. There are a number of ways to distribute assets with trusts, including using a different trust for each beneficiary.

An estate planning attorney may consider the goals of a client and may recommend certain types of trusts to include in their estate plan. Assistance might be provided for drafting the provisions of a revocable trust or for determining which assets should be placed in the trust.