Nevada is a beautiful state that many residents are proud to spend their lives in. Eventually, as you age, it’s wise to think about what you leave behind and who or where your assets will go. Fortunately, creating a living will in Nevada can give you the peace of mind you’re after.
Opting for a revocable or irrevocable living trust
You have two choices regarding living trusts. A revocable living trust lets its owner change this document, including modifying its arrangements or removing assets. An irrevocable trust is more of a permanent arrangement. If you want to change or remove the contents of an irrevocable trust, you must obtain permission from all parties named in this trust.
Inputting your assets
It’s impossible to set up a living trust without it having assets. As you set up your trust, make an accurate list of your assets. Your assets don’t only include money. Things like properties, vehicles and investment accounts are also assets.
Choosing beneficiaries
With assets in your living trust, you must determine who receives your valuables after passing away. These people are otherwise known as beneficiaries. Most individuals name people like family members and friends as beneficiaries. Others may also leave behind assets to charitable organizations.
Selecting a trustee
A trustee plays a vital role during many estate planning processes. You can name yourself as your living trust’s trustee. But you’ll also need someone to administer the terms of your trust after passing away. That’s why you’ll need a successor trustee. Considering the importance a successor trustee plays in your estate, ensure you choose someone reliable and trustworthy.
Creating a living trust is a process that requires thought, time and money. However, getting your estate in order spares your beneficiaries stress and confusion.