The loss of a loved one is difficult enough for family members. The experience can become even more difficult once they are subjected to the probate process. Probate often results in disagreements and even infighting. Fortunately, proper estate planning can help to ensure that your heirs can largely avoid the probate process. An important part of that planning is the creation of a “living trust.” In addition to allowing your heirs to avoid probate, such an instrument can also give you greater flexibility when it comes to the distribution of your assets. It is important, however, that the instrument be created properly in order to avoid the potential of litigation in the future. Nikki Dupree-O’Brien is a Las Vegas trust lawyer who will include the instrument as part of your estate plan. Contact us today for an initial consultation.
Las Vegas attorney helping to prepare revocable living trusts along with a last will and testament
A living trust is an instrument into which one can transfer their assets. The person transferring their property into the trust is known as the “grantor.” The trust will then be managed by a “trustee.” The grantor will typically serve as the trustee during their lifetime. They may continue to utilize and enjoy their assets, such as their home, while the assets are in the trust. The grantor will typically name a “successor trustee” to manage the assets after they pass away. The successor trustee will then distribute the assets in accordance with the terms of the trust. Since the distribution of assets is handled through the trust, it allows the heirs of the deceased to bypass the probate process.
Trusts also provide greater flexibility as to the distribution of assets than what is provided by simply having a last will and testament. When a will is put through probate all of the assets of the estate must be distributed before the probate is complete. A trust, by contrast, can allow for assets to be distributed over time as they are not subject to the probate process. This can mean that, if one wishes, their heirs will receive money over time as opposed to in a lump sum. It can also mean that the heirs will only receive their inheritance after they have satisfied certain conditions. Having this amount of flexibility can put one’s mind at ease as to how their assets will be distributed after death.
The first step in establishing a trust is to identify which assets you wish to make part of the instrument. It is then important to determine whether you wish for the instrument to be revocable or non-revocable. Once you have determined which heirs are to receive which assets, you will need to identify any requirements which must be met before distribution. These requirements may include the simple passage of time. You may also wish for an heir to not receive assets until they reach a certain life milestone. Understanding the options you have available to you, and how to best utilize them, is key to getting the most out of the trust as well as your overall estate plan.
Our Las Vegas attorney assists with the creation of living trusts. Nikki Dupree-O’Brien will use your initial consultation to learn about your situation and to identify your goals. She will then present you with a range of options and will walk you through the pros and cons of each. Nikki will draft the necessary documents to create your trust and will assist with future changes to your estate documents to ensure that they are kept up to date. This can include adding or removing property from the trust as well as adding or removing beneficiaries. Our goal is to simplify your estate plan, reduce exposure to probate, and to allow you to focus on the most important thing – your family. We pride ourselves on offering a high level of service and we look forward to speaking with you. Call today to speak with a lawyer.
Trust lawyer assisting Las Vegas residents with their broader estate plans
Simplifying matters for your family is one of the primary goals of establishing a living trust. Making your trust part of a broader estate plan can help to make sure that all aspects of life are covered. In addition to a last will and testament, other components of a proper estate plan can include creating a power of attorney, ensuring the proper handling of joint accounts upon death, and more. Our lawyer understands the need for comprehensive planning and we will consider all aspects of your life when helping you plan for the future. Contact us online to get started.