Many people in Nevada know that establishing a trust can be an important part of estate planning that provides greater privacy and flexibility. However, they may wonder if there are benefits to establishing more than one trust to cover different types of property. Since the trust becomes the legal owner of the property in question, more than one trust cannot address the same items. In addition, making a trust is different from making a will. If people make a new will, it overrides completely all prior documents. With a trust, a new trust does not replace the old one although a restatement or amendment of an original trust can typically be made.
In addition, revocable trusts can be revoked, and subsequent trusts could contain this revocation. Typically, a trust revocation is handled separately from the matter of creating a new trust to avoid confusion or legal problems. In most cases, people do not need two trusts. They can create multiple paragraphs within the same trust to handle the distribution of different types of property to different people according to different conditions. People who want to divide their estate between several parties but also give one party something specific can spell that out within the language of the trust.
There are times when it makes sense to have more than one trust, especially if there are specific regulations around a certain type of trust or it is established for a specific reason. For example, a special needs trust can provide support for a person with disabilities that enables them to receive public services as well.
Trusts are a good estate planning choice for many people because of the many options and stronger security that they provide. An estate planning attorney may provide advice on how to construct a trust to achieve a person’s goals.