The Nevada law of wills and trusts is complex and requires many eventful decisions. While everyone can use a will, some people will need both a will and a trust. To get a well-conceived estate plan, Nevada families can rely on the skills of an experienced estate planning attorney in Las Vegas.
The Difference Between Wills and Trusts
Wills and trusts are two important methods for transferring wealth and other forms of property. They have a common purpose of carrying out the owner’s wishes after death. The discussion below offers a brief discussion of the differences.
The main difference between a will and a trust is when they take effect. One creates a will, like a trust, during life. The will does not take effect until the death of the testator. The trust takes effect at the moment one creates it.
Property left through a will must go through probate in Nevada. Property transferred through a trust does not require probate or proof. The trustor (the person making the trust) transfers the property into the revocable trust. There is no need to proceed through probate to prove the owner’s intentions. Probate can be time consuming and expensive.
Disability of the Owner
Trusts can protect against disability. The trustor can name someone close in advance such as a spouse or partner to control the trust property.
Limits of the Trust
The trustor cannot use the revocable trust to name a guardian or conservator for children. One must make these appointments in a will. When using a will, one names an executor to carry out the terms and the required details of debts, taxes, and fees. Trusts do not use an executor; trusts name a successor trustee to take control after the death of the trustor. Nevadans may also need a will to control any residual property or wealth not transferred to the trust.
Nevada families and owners can consult with an expert estate planning attorney in Las Vegas at the law offices of Sean Tanko. Call or visit online today.