A trust may be used to help protect a Nevada resident's assets as well as provide a degree of privacy after the grantor dies. Unlike a will, the use of a trust helps to avoid expensive and public probate proceedings. However, many people think that such an estate planning document is too expensive to create or is only for people who have large estates.
As many Nevada residents may know, structuring an estate might not be simple. One of the most important considerations is whether to establish a trust in addition to a will. For some, a trust may be a good option.
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.
Nevada residents who are being to plan how their estate is administered after they pass away might benefit from information in a recent article regarding trusts funds. Trust funds can be used to care for people when they no longer have the capacity to care for themselves. An individual can set up a care management trust with themselves as beneficiary and another person, who can make decisions for the beneficiary about issues such as moving into care facilities and end-of-life care, as trustee. A trust may be the best way to protect assets that pass to minor children from parents or grandparents before they come of age.
Nevada residents who are setting up a comprehensive estate plan may be interested in one way to minimize the tax burden on their beneficiaries. This type of trust is useful when a home is being passed on in the estate.
For Nevada residents, trusts can be a major part of their estate planning regime. One particular type of trust may be useful in situations where there is a child who has special needs.
For Nevada parents thinking about estate planning, one of the main concerns is how a family will be cared for after the parents have passed on. Most Americans are concerned with saving for retirement and making sure that their children are secure, but how does this work for families that are considering a special needs trust? Setting up a special needs trust is extremely important for families who have disabled children, and it is vital to take all of the necessary legal steps.
When looking for a relatively easy way to transfer assets to beneficiaries while still maintaining privacy and keeping costs at a minimum, many Nevada residents find that a trust is the appropriate tool. By establishing either a revocable or irrevocable trust, the individual is able to dictate exactly which assets or investments are to be received by each beneficiary. Careful trust planning can effectively transfer assets while avoiding the cost and time associated with probate.
There are many reasons that Nevada families often look to trust planning as one way to protect their assets and provide privacy to their family. A living trust allows the individual to maintain control over the assets and alter the trust during his or her lifetime. However, it also allows the estate to avoid probate issues upon the death of the individual. Trust planning has become an essential tool in many individuals' estate plans.
The decision as to whether a trust is the appropriate move in an individual's estate planning process is an entirely personal one. Each Nevada resident makes this decision either actively or passively, depending upon his or her actions. There are a number of reasons that an individual may want to consider a trust rather than just a will and power of attorney.