Our Las Vegas Living Trust Attorneys Answer Your Frequently Asked Questions

At Cassady Law Offices, P.C., we strongly believe that family comes first. That is why we do our best to help you build a secure and solid future for your family. Our Clark County law firm serves clients from offices in Las Vegas and Henderson, Nevada. We provide effective legal advice regarding wills and living trusts, probate, and advanced estate planning options.

For basic information regarding trusts, please read the questions and answers below. To arrange a free initial consultation to discuss your needs, contact our skilled estate planning attorneys.

What Is A Living Trust?

A living trust is an agreement between a grantor and a trustee. The grantor agrees to transfer property into the trust, and the trustee agrees to accept the property and holds it for the benefit of the trust’s beneficiaries, under terms stated in the trust instrument.

Typically, you appoint yourself as the trustee during your life. Since you are also typically the beneficiary of the trust during your lifetime, you still control investment of the trust assets. Thus, placing your assets in a living trust does not have any appreciable impact on your day-to-day life.

Most people who create a living trust do so for one reason: to avoid probate. Probate is the process of distributing your assets to your heirs after your death pursuant to a will or the laws of intestate succession. Probate can cost your estate (and, consequently, your heirs) considerable time and money. A properly drafted and executed living trust can eliminate these burdens for your heirs.

Our basic trust plan includes your revocable living trust, a certificate of trust (used to “fund” your assets into the trust), a “pour-over” last will and testament, a general power of attorney, a durable power of attorney for health care decisions, and a quitclaim deed to transfer any property you own in Clark County into your trust.

“When it comes to cost, a basic trust plan may run anywhere from $1,600 to $3,000, possibly more depending on the complexity of the trust,” states the editors of Money magazine. At Cassady Law Offices, we offer our clients a basic revocable living trust plan for only $1,195. There are no hidden costs or fees.

What Do Revocable Living Trusts Do?

They allow you to:

  • Maintain control of assets
  • Retain use and enjoyment of property
  • Avoid probate and pass more assets on to heirs
  • Dictate the timing of distribution to heirs

What Are The Steps To Setting Up A Living Trust In Nevada?

If you are looking to set up a living trust in Nevada, here are the steps you need to follow:

  • Decide between establishing an individual or shared trust
  • Determine which assets to place within the trust
  • Select a successor trustee to manage the trust if you become unable to do so
  • Identify the beneficiaries of the trust
  • Draft the trust document
  • Execute the document in the presence of a notary public
  • Fund the trust and transfer the title of any real property to the trust

You do not want to try to manage these steps alone. Experienced legal guidance is key to successful trust creation.

Are There Assets You Cannot Include In A Living Trust?

Yes, certain assets cannot be included in a living trust. These typically include:

  • Retirement accounts (e.g., IRAs, 401(k)s)
  • Life insurance policies
  • Health savings accounts
  • Assets held in joint tenancy with right of survivorship
  • Uniform Transfers to Minors Act (UTMA) accounts
  • Uniform Gifts to Minors Act (UGMA) accounts

It is important to seek legal guidance to ensure proper handling of these assets within the context of estate planning and to explore alternative methods of managing them effectively.

How Can You Make Changes To Your Living Trust?

You can amend the terms of your living trust anytime. Here are several methods to make changes:

  • Execute a trust amendment document before a notary clearly outlining the changes
  • Create a trust restatement, which replaces the original trust document with the updated terms
  • Revoke the existing trust and establish a new one with the desired modifications
  • Remove or add assets to the trust through appropriate legal procedures
  • Review and update beneficiary designations as needed

At Cassady Law Offices, P.C., we assist clients with clear, correct changes to their living trusts.

Call Today For Assistance With Your Living Trust

To learn more about living trusts and other estate planning options, call us at 702-706-1083 or contact our Las Vegas estate planning lawyers online.