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Trusts Archives

Duties involved with trust administration

Many people in Nevada establish trusts for a number of different purposes. When people die and leave trusts behind, they must be administered according to the provisions they contain. People who are tasked with administering a trust have a fiduciary duty to the trust beneficiaries.

Creating a pet trust to protect pets

While many Nevadans consider their pets to be members of their families, the government doesn't consider them to be any different than other types of property such as cars. When people are planning their estates, they should not overlook their pets. If they pass away and do not have anything in place to provide for the care of their pets, the pets may not be taken care of by their family members.

Reasons to have a pour-over will

Some Nevada residents who are creating an estate plan might also want to consider a pour-over will. A pour-over will is used in conjunction with a trust and ensures that any assets not specifically placed in the trust will be added to it when the owner dies.

Avoiding estate plan failures

Nevada residents should be aware that many estate plans might not bring about the desired results. A plan may contain insufficient language, or poor tax planning may be a factor. However, the majority of estate plan failures tend to be related to human behavior.

Estate planning tips for special needs families

Nevada residents may find that creating an estate plan is difficult under normal circumstances. It could be even more challenging for families who have members with special needs. This is because an estate plan needs to take into account rules related to government benefits while making sure others know how to care for that person if a parent cannot. Writing a letter of intent may help family members or other parties learn more about the disabled person and how care should be provided.

Trusts provide versatile tools for transferring wealth

People in Nevada interested in preserving wealth and sharing it with heirs or charities often select trusts as their legal instruments. Trusts represent legal documents that direct the investment and distribution of assets. Under the right circumstances, they generally provide tax advantages. Advice from financial or legal advisers typically guides people as they determine how best to integrate trusts with the goals of an estate plan.

Mistakes in estate plans

Nevada residents should take care to avoid making certain mistakes when developing an estate plan. They should also be aware of the legal documents that are a part of their plan and what each one does.

How to amend a trust

Nevada residents who want to make changes to a trust might wonder whether they should amend it or write an entirely new one. The first step is to make sure that it is possible to amend the trust. Most living trusts can be amended or revoked.

Mistakes to avoid in estate planning

Nevada residents should be aware of a few common mistakes in estate planning. One of those errors is not having the minimum components of a plan. For example, many advisers recommend having at least a will and powers of attorney that appoints someone to handle financial and medical affairs if the principal becomes incapacitated. Another error is failing to plan for the distribution of personal effects. Sentimental items may have the potential to cause more conflict if the estate plan is not clear about who gets what.

Reasons to use a trust for adult children

Some Nevada parents who are planning their estate might want to consider creating a trust to pass assets on even to their adult children. While it is not uncommon for people to create trusts for minor children, there are a number of reasons to do so for adults as well.