Readers in Nevada are well aware of the need to create an estate plan. Information has been made readily available about the existence of tools such as wills and trusts in estate planning. However, beyond the basic documents, there are many other options for those seeking to plan for their assets after their death.
Estate planning can begin because of the goals of people in Nevada. Some wish to avoid probate, while others may wish to protect their assets during their lives. Because of the wide range of desires of those who are seeking to create a plan, it can be well advised for people to seek information from experienced professionals about estate planning.
For example, a living trust can be used by some people to maintain assets while they are alive. Once they pass away, the Successor Trustee of the trust distributes the property as directed in the trust documents. Among the many benefits of this estate planning tool are privacy and the ability to avoid a conservatorship.
Many people in Nevada fear that estate planning is too complicated or only for those with great wealth. However, these are not true facts, all in our state can benefit from the efforts to take care of those that they leave behind. By using commonly used tools, in combination with some more in-depth tools such as a living trust, many in our state find that they can both make use of their property while they are alive and limit the need for litigation between their heirs after their death.
Source: Fox Business, “The Power of Trusts,” Dennis Holmstrom, July 9, 2013