Nevada residents who have not developed estate plans may not realize that a sudden death could result in legal proceedings for survivors who must deal with assets and the probate process. A trust is a planning tool, helpful as a supplement or replacement for a will. While it serves a similar purpose to a will, it might allow the estate to avoid probate. A trust involves the transfer of legal ownership from a property owner, also known as the trustor or grantor, to a manager, also known as a trustee. The property is managed on behalf of the beneficiary, an individual who will eventually receive that property.
It has been said that there are two certainties in life -- death and taxes. While this phrase may sound trivial, it does apply to the concepts of trust planning. Many Nevada residents are finding that trust planning as a part of their estate plan can make things easier for their family later on and can lessen the financial burden of estate taxes.