Estate planning involves preparing for how the management and disposal of a person’s estate will be handled upon the death of that individual. Some important estate planning documents include a last will, a living will, powers of attorney, and a trust.
During the process of estate planning, you want to consider the different ways to maximize what you leave behind to your beneficiaries. In fact, you should want to minimize what is lost to taxes and court fees. One way to do this is through a trust.
Why Should You Consider Using a Trust?
In Nevada, trusts are a convenient and effective way to ensure that your life’s assets are distributed as intended to your loved ones upon your passing. Nevada families are able to avoid wasting thousands of dollars in probate proceedings by planning ahead with a trust that passes to the recipients upon death.
This is possible, because a trust directs proceeds from your life’s assets (such as life insurance, banks and investment accounts, and other sources) to be payable directly to the trust. Therefore, this makes the process of providing certain documents at the time of death unnecessary, since paperwork has already been completed and the intentions of the deceased have been clearly established. Also, when using a trust, the probate court does not need to be petitioned in order to establish the validity of the documents. Thus, proceeds can be placed into the trust immediately. A trust can include a “transfer at death” clause, which will allow your beneficiaries to simply file a death certificate to take possession of the assets. As you can see, this whole process allows them to avoid the legal costs of dealing with probate.
Another benefit of planning ahead with a trust is that families can avoid long waiting periods in order to settle all of the financial matters of the estate. The death of a loved one is already a difficult and emotional time. You can reduce the amount of suffering for everyone involved by making the financial aspects as easy as possible to deal with. This also removes a sense of uncertainty about the process and puts everyone at ease.
Contrary to many misconceptions, a trust is an effective tool for people of all different levels of wealth. Even with a trust of $300,000, an estate attorney is able to advise Las Vegas clients of innovative and straightforward ways to make sure that their beneficiaries are hit with as few tax consequences as possible in distributing the assets of the trust.
Working with an Experienced Attorney for Estate Planning in Las Vegas
In choosing an estate planning lawyer for handling matters as important as your family’s welfare after you are gone, you need to be sure that you are working with someone experienced in this area. Many attorneys practice in multiple areas of law without focusing on estate planning as a niche. The peace of mind you will gain from having a seasoned attorney assisting you and your family is priceless in the long term.
For any of your estate planning needs in Las Vegas, contact the trusted Nevada attorney Sean M. Tanko at 702-463-8700. We also accept walk-in appointments to discuss your estate planning needs at our Las Vegas office location. We are standing by to serve you and make sure that you minimize the tax considerations for your loved ones when distributing your estate. Find out why so many families in the Las Vegas area trust attorney Sean M. Tanko to handle their estate planning matters with attention to detail and understanding of his clients’ needs