For many individuals, estate planning and trusts can be confusing. The idea of avoiding probate is attractive, but reviewing types of trusts may seem challenging, especially as special needs trusts are researched. For many, a revocable trust is the most appropriate option. This type of situation is ideal for safeguarding an estate while allowing the testator to maintain control of the assets. Other types of trusts should be researched based on unique family dynamics or financial concerns.
Individuals in Nevada who are estate planning may wonder about the role of trustees and how they will handle debts and expenses. The trustee must take responsibility for valuing all assets as soon as possible after an individual's death as well as for assessing all debts. A trustee also acts as a fiduciary and may be a beneficiary as well.
Management of your trust is important as you plan not only for your future but also for the futures of those who will inherit your estate. However, deciding on the administration of your trust can be challenging as you select a trustee. Confidence is an important aspect of this decision, but it is also important to evaluate the management abilities of a fiduciary to ensure that decisions will be made objectively and beneficially.
The creation of a trust can be beneficial in estate planning for persons in all walks of life. While many consider a trust to be a tool reserved for people with very large estates, the truth is that a trust may also be a good choice for people with more moderate assets, according the National Association of Financial and Estate Planning.
Digital assets are one of the most overlooked when Nevada residents think about estate planning. Many people may not realize how much money they actually have invested in their iTunes, Amazon or other online accounts. Without proper planning, these assets can be lost upon the account owner's death.
Many couples in Nevada choose to live together without getting married, making for a situation that can lead to a spectrum of interesting financial and tax issues begging consideration. While there may be some advantages to remaining unmarried, including possible income tax benefits, there are some potential drawbacks in terms of estate planning. However, according to authorities, many of these drawbacks can be avoided by taking certain steps.
When it comes to estate planning in Nevada, many people don't understand that it's an ongoing process and that it requires careful thought and planning. It's not enough to simply create a will and trust that the property will be divide in accordance with the plan. The state may step in and have the estate go into probate, and this can become an expensive process for the heirs. One solution is to invest in a revocable trust and have assets retitled into the name of the trust. With the additional measure of a "pour over" will, additional assets such as jewelry and cars can be gathered into the revocable trust and allocated in accordance with the decedent's wishes.
While it is true that creating a will is a basic part of estate planning, it is important to note that a will is not all there is to the process. A will determines who will get what property after the owner passes on as well as determining who will be in charge of distributing the decedent's belongings. However, people should also consider using trusts because they offer more flexibility and protections than a will alone can provide.
When a person passes away and they have a will that outlines the execution of their estate, that document must pass through probate. However, in Nevada, the will may be contested prior to probate by any person, and the process of contesting and defending the document is outlined in Chapter 137 of the state statutes.
Nevada parents with special needs children may be interested in a type of trust that enables them to save for the child's future without interfering with the governmental benefits the child may receive. This peace of mind extends to other family members so they can contribute to the trust fund whenever they are able to do so.