Creating a living trust in Nevada is an excellent option when you want to ensure that your assets are protected after you’ve passed away. Understanding the process can help your estate plans go more smoothly.
Steps to create a living trust
After deciding to create a living trust, it’s best to work with a legal professional. They can assist you in deciding what assets you’d like to go into your living trust and choosing a trustee. You’ll likely want to use yourself as the trustee and name a successor trustee to take over after you have died. Writing the trust, signing it in the presence of a notary public, and transferring your assets completes the process, securing your estate for the next generation.
Understanding the necessity of a living trust
A living trust transfers your assets to one or more parties after you have died. A trustee handles the disbursement of the assets according to the trust’s terms. If you’re creating a living trust, you’ll choose the trustee. Utilizing a living trust can be completed using one of two methods. The first is a revocable living trust, which creates more flexibility. It allows for the removal of beneficiaries and property if needed.
The second choice is an irrevocable living trust, which is permanent. Removing the assets placed into this type of living trust is not allowed without permission from all parties named in the trust. The taxes on assets in a revocable trust apply to the trust separately. You relinquish all control of these assets. Creating a living trust could be an excellent option for ensuring that your estate is managed according to your wishes.