Living Trust Lawyer in Las Vegas and Henderson
Estate planning is a necessary part of life these days. If you want to keep your assets secure and pass them onto only the person’s you are interested in inheriting your hard earned property, you need to consider how you are going to make that happen. Establishing a Living Trust is one of the most popular methods of avoiding probate, paying less taxes and passing on your property.
What is a Living Trust?
A Living Trust is a revocable trust that is used to designate beneficiaries and individuals responsible for managing your property. The name “Living Trust” came from the fact that you create it while you are alive. It is revocable because you have the right to move property in and out of the trust as you please and it can also be cancelled at any time.
A Living Trust involves three primary groups of people.
- The creator (typically you)
- The Trustee (who is also typically you while you are alive)
- The beneficiaries.
Differences Between Living Trusts and Wills
The primary differences between Living Trusts and Wills are
- Probate avoidance
Many do not know that a Testamentary Will has to go through probate and therefore it is subject to the time and expense of probate. (You can learn more about probate here.) Additionally, since the Will has to go through probate, it also becomes public record. This means that everything that you own and everything that your beneficiaries inherit will become public information. A properly created Living Trust will avoid probate completely and therefore will remain completely private.
If you do not have a Living Trust or a Will, your estate will be subject to probate and it will be administered according to the Nevada laws of intestate succession.
Who should be trustees of the Living Trust?
Anyone can technically be the trustee of your Living Trust as long as they are a competent adult. Typically, however, in a Living Trust you end up naming you and your spouse (if married) as the trustees while you are alive. Naming yourself as trustees during your lifetime will give you full control over the trust estate and allow you to manage the property as you deem appropriate.
You have the ability to also name successor trustees in the Living Trust as well. These are the individuals who take over as trustees after you and your spouse (if married) pass away or are no longer able to manage the trust due to incapacity. The successor trustees are typically family members, loved ones or sometimes it can be a financial institution.
Does a Living Trust require a lot of work to manage?
Living Trusts are extremely easy to manage after they have been created. You can transfer property in and out of the trust without an attorney whenever you would like. If you need to make any changes to the trust, they can typically be made fairly quickly with the help of an attorney. Beyond reviewing the trust with an attorney every 3 years to make sure nothing has changed, there is little to nothing that needs to be done on an ongoing basis.
Do I really need an attorney to prepare a Living Trust?
You can create a Living Trust using any number or online templates or website services. However, none of these options can offer you any legal advice. The reason you hire a lawyer for any type of situation is because you want to get their legal opinion on what should or could be done. Creating a Living Trust without an attorney is like diagnosing yourself and conducting your own surgery without a doctor. One wrong move and you could lose everything.
Get Expert Living Trust Advice from a Living Trust Lawyer in Las Vegas
Revocable Living Trusts have gained significant popularity in the last decade. There are so many advantages that a Living trust can offer compared to a Testamentary Will, but not everyone understands exactly why individuals are willing to spend more on a Living Trust rather than creating a Will.
Whether a Living Trust will be best for you will depend on your individual circumstances. The lawyers at Parry & Pfau offer a complimentary consultation to anyone who would like to learn more. In your consultation, you will meet with a Living Trust Lawyer in Las Vegas or Henderson. In your free living trust consultation, we will take the time to explain every aspect of a Living Trust to help you determine whether it is going to be best for you and your family.
If you would like to speak with one of Parry & Pfau’s expert estate planning attorneys during a free consultation, you can call 702-879-9555 or you can click here to request a meeting. We look forward to speaking with you and we would love to answer any further questions you might have about estate planning.