When it comes to setting clear terms concerning how to distribute one’s assets after death, most individuals may feel that creating a will is enough. While having a will can be beneficial in various ways, there may also be other estate planning tools that could provide additional options in this regard. In some cases, individuals in Nevada may find that creating a trust could provide them with more control over when and how their assets will be distributed.
Experts indicate that there are a variety of ways in which assets can be dispersed through a trust. For instance, those with minor children could choose to set milestones for asset distribution. This might involve setting terms to distribute assets when a child comes of age, or even terms that disperse a portion of assets at this time and the remainder at a later stage. A person could also set up a trustee to manage assets and provide beneficiaries with financial support in accordance with the terms of the trust.
Individuals with multiple children or with numerous loved ones from blended families could also use a trust to disperse assets to their preferred parties. Without a trust, one’s spouse may have greater control over what happens to assets, which could bring up questions about how children from a previous marriage might be treated. There may also be a variety of potential tax benefits of using a trust for similar reasons.
While a trust could offer numerous potential benefits concerning asset distribution, knowing how best to create a plan that reflects one’s wishes might not always be such a simple task. Fortunately, there are attorneys who can address all a person’s wishes and needs and provide advice in making informed choices about the situation. Such guidance could play an integral role in helping a person in Nevada develop an estate plan that is centered around protecting his or her wishes and the interests of beneficiaries.