Living Trusts FAQ

If you want peace of mind about your assets, consider a living trust. A living trust is a legal document that outlines what you want done with your assets upon your death. You name a trustee to hold the assets in the trust until then, and the trustee carries out your wishes. Here are some common FAQs about living trusts.

Do You Need a Trust Administration Attorney?

You might not need a living trust administration lawyer in Las Vegas if you feel comfortable using online templates and filing them yourself. If you have questions or need information on complex estates, consulting a living trust administration attorney could be helpful.

What Are the Benefits of Living Trusts?

When a decedent dies and has a will, it commonly has to go through probate court to divide assets. It can take several months to settle probate, and it often cuts into what the beneficiaries get from lawyer fees. You also have someone to manage your living trusts if you can’t because of illness.

Are Your Assets Protected Against Creditors?

Assets do not get protected from creditors under living trusts because you are the owner, and it can be changed. This means a creditor can place a claim on your property. However, property placed in trusts cannot be easily traced, so the creditor may not search for it.

Do You Still Need a Will?

You need a will for any assets not named as part of the trust. If you buy property shortly before your death, it may not become part of the trust. A will lets you include this property as well as naming a guardian for minor children.

Do You Still Have to Pay Estate Taxes?

Simple probate-avoidance trusts usually do not reduce estate taxes because they keep assets out of probate. As of 2020, you won’t have to pay federal taxes on estates worth less than $11.58 million. This means most people won’t likely have to pay federal taxes.