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Trusts Archives

Why parents may want to consider a trust instead of a will

It's not unusual for parents in Nevada to instinctively think of a will when estate planning is discussed. Part of the reason for this is a lingering assumption that trusts are only for wealthy individuals, or that they are just too complicated. However, there are several advantages a trust can offer any parent looking to protect assets that can't be offered by a will.

Estate planning lessons to be learned from Lee Radziwill

While some people in Nevada have a natural curiosity about what kind of salacious details might be found in celebrities' estate documents, there are sometimes important lessons to be learned when such individuals pass. This is the case with American socialite, public relations executive and interior decorator Lee Radziwill. Her estate plan serves as an example of how accumulated wealth can be effectively passed along and preserved for future generations.

How to create a trust for a beneficiary with an addiction

Some estate owners in Nevada may need to create a trust for a beneficiary who is struggling with an addiction to alcohol or drugs. This trust should have special considerations to serve the heir. In order to set up an effective trust to help a beneficiary with an addiction, however, it is necessary to understand addiction.

Cryonics and the use of a revival trust

Some people in Nevada have enough faith in the future of science to consider having themselves frozen when they pass away with the hope of someday coming back. For individuals seriously exploring this option, the thought of waking up with no available assets or funds is a valid concern. Surprisingly, there's actually a trust that can address this particular unique need of people who prefer self-preservation. It's referred to as a future income or revival trust.

How to create a do-over trust

In the 1980s, it wasn't uncommon for individuals to create irrevocable trusts for their children or grandchildren. While irrevocable essentially means unchangeable, Nevada law makes it possible to decant a trust. This means that assets are poured out of the trust and placed into a new revocable trust. Doing so will allow a parent or grandparent to protect a beneficiary who is irresponsible with money or otherwise not fit to receive an inheritance with no strings attached.

Events that should trigger a review of estate plans

Nevada residents typically feel relief and satisfaction when they complete their estate plans. These important decisions and documentation, however, might not meet their needs forever. Changing circumstances and life events could make portions of an estate plan obsolete, ineffective or inconvenient.

Using revocable 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.

The multiple benefits of an estate plan

Nevada residents and others who are looking to obtain control over assets or their medical care can benefit from having an estate plan. A living will determines how assets should be used to assist an individual who has been incapacitated. It can also determine how to dispose of assets if an incapacitated individual passes on. Those who wish to provide money or other property to a charity should have an estate plan.

Staying away from drunk drivers

Drunk drivers may cause accidents that result in a person being significantly hurt or killed. Those who are on Nevada roads or others in the country can take steps to protect themselves against those who drive while impaired. There are many signs that a driver is impaired such as not maintaining a lane or making wide turns. Other signs may include close calls with other vehicles or objects on the road.

Estate planning for everyone

Many Nevada residents may mistakenly believe that having an estate plan is only something that is necessary when a person is very wealthy. However, the truth is that anyone who possesses assets should consider completing an estate plan.

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