Many people in Nevada are aware that there are important reasons to enter into estate planning. These include the limitation of costs for an estate and the desire to avoid the probate process. Some may consider creating a trust that can be used both while an individual is alive and after their death. In fact, a trust administration after an individual's death can allow an estate to avoid probate all together.
This avoidance of the probate process most often occurs in Nevada when a person creates a living trust while they are alive. This type of trust has the creator place all of their assets into the name of the trust, sometimes referred to as funding the trust. Any asset left outside of the trust may be subject to probate.
After an individual's death, the trust administration process will allow the appointed trustee to distribute assets according to the guidelines of the estate planning document. The trustee is likely a successor to the individual who created the living trust and who typically acts as the initial trustee of the assets that are owned in the name of the trust. Most of these types of trusts are revocable by their creator.
Estate planning requires many considerations. A review of the applicable laws concerning probate and trust administration can be helpful to those who find the process complicated. In such cases, learning as much as possible about the wide range of available options can help to ensure that a plan is created which benefits the person both while they are alive and their heirs after their death.
Source: Fox Business, "Trust Me! What You Need to Know About Trusts," David Graham, April 1, 2013