Trusts have become the gold standard for many people in Nevada when it comes to making plans for the future. They can be used not only to set up advantageous tax structures during the creator’s lifetime but also to pass on key assets after death. Trusts have several advantages for the estate planning process. They provide a higher level of control and specificity about how assets are distributed. In addition, they provide significantly more privacy. Unlike wills that move through the probate courts, trusts are handled as private matters. Trusts also provide greater abilities to create ongoing funds and generational wealth to support future family members, charities or philanthropic work.
In addition, trusts can be used to pass on assets to minor children while protecting their interests until they come of age. Special trusts can be used to give an inheritance to people with special needs without hurting their eligibility for important government benefits, including housing and health care support. However, estate owners may also want to consider a will when they put a trust in place.
Trusts can only manage the assets that they own; that is, trusts must be properly funded for them to serve as intended. Otherwise, without a will, the estate owner’s assets would be dispersed by the probate court under intestacy guidelines. However, a pour-over will is a type of document that can ensure that all assets not already in the trust are rolled over into the trust upon the creator’s death.
Wills, trusts, powers of attorney and other estate documents can together be part of a comprehensive plan for the future. An estate planning attorney can help a client to craft these key documents in a way that reflects their vision for their assets.