Living trusts are getting a lot more attention nowadays - and with reason. What was once considered a tool for the wealthy is now widely available for anyone to draft.
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COVID-19’s effects on estate planning in the Las Vegas community and why you need an estate plan.
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Many, many people believe that once they form a “trust,” their assets in the trust will be protected against any creditor claims. However, a good number of those people have a revocable living trust in mind – that is, the usual family trust people form to manage or distribute their property upon death or incapacity. When most people mention a “trust,” they are talking about the revocable living trust that allows them to add or remove property at any time, or to terminate the trust. Unfortunately, this type of trust does NOT protect your assets.
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Many people, particularly those with spouses or families, wonder whether to do a will or a trust, or either at all. My pages on Wills and Trusts are meant to address very general questions already, but Nevada’s new probate laws may affect your decision, depending on the anticipated value of your estate.
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Your estate should reflect your particular desires and circumstances. For example, if you do not own any real estate or significant assets, you may opt to simply have a will. Conversely, if you have a larger estate, you should consider a living trust.
In the event you choose to have a Last Will and Testament, various options exist.
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