There are many different estate planning tools available to Nevada residents. While your standard Last Will and Testament can cover most of your estate planning needs, some families need a little bit more support.
That’s where trusts can come in. Trusts are a useful estate planning tool that can give you more control over how your assets are passed down after you’ve passed on.
Why are trusts useful?
Many people turn to trusts when they suspect there might be delays in probate court. Larger estates with many assets, moving parts or beneficiaries can get stuck in probate court for a long time, which then costs the surviving family members a lot in court fees.
Assets that are passed down in a trust can avoid the probate process and estate taxes, too. Trusts can also allow you to dictate how the assets are accessed and transfer assets even before you pass.
What types of trusts are there?
Most trusts are either revocable or irrevocable. Revocable trusts allow you to access and control assets while you’re alive, and make changes as long as needed.
Irrevocable trusts are a little more permanent. Once it’s set up, you can’t change or modify it, which can become a pain if you plan to make changes to your estate later on.
Which trust is right for me?
There are many different, more niche trusts you can look into. Special needs trusts, marital trusts and life insurance trusts are a few options available, as you’re building your estate plan.
The trust that’s best for you depends on your beneficiaries’ needs and what assets you’re looking to pass down. It might take time — and money — to set up a trust, but it can be worth it for how much it can help your surviving family members.