Nevada laws provide protection and flexibility for estates. It is important to have an estate plan that reflects the trustor’s wishes accurately. One must carefully assemble the pieces of an estate plan and the instructions for trust administration. Nevada residents can rely on the knowledge and advice of an expert Las Vegas state planning lawyer.
The Estate Plan
Nevada is a leading state in providing effective laws for planning and administering estates. Nevada laws offer options that allow residents to control their assets during life, protect assets from unwarranted claims, and direct their distribution after death. Trusts are an important part of estate planning in Nevada. Using trusts along with wills can avoid the tedious and costly probate process. Nevada does not use the streamlined procedures of the Uniform Probate Code.
– The Asset Protection Trust
Nevada law permits grantors to use a self-settled trust to protect assets. Owners can transfer assets into the trust, and after two years, creditors can no longer reach them. During life, the owner can be the life beneficiary and trustee. The owner can change the trust at any time; the trust becomes irrevocable at the death of the owner. Asset protection trusts are essential parts of responsive estate plans.
– The Living Trust
The living trust is a preferred method for controlling assets and property during the life of the owner. The essential benefit of a living trust is that the assets do not go through the public probate process. The owner can arrange instructions for the successor trustee. With the advice and assistance of a Las Vegas state planning lawyer, the owner can still enjoy benefits of the assets and retain the flexibility to make changes whenever desired.
Nevada residents must perform some actions and property transfers through a will. Further, any property that the owner does not transfer into a trust must pass through the will. Most residents benefit from having a well-crafted will along with one or more trusts.
For comprehensive legal services, Nevada residents rely upon the law offices of Sean Tanko, an experienced Las Vegas state planning lawyer. Please call or visit online today.