The estate planning process differs for everyone as individuals have different needs. There may be basic documents that can benefit everyone as they move to protect their estate and their loved ones. However, one estate option for Nevada families that is worth getting to know more about is the creation of a trust.
Trusts are fast becoming an option over traditional wills. One benefit of a trust is that it is private. Unlike a will, the amount of money or assets left to a beneficiary is not a matter of public record. For those who are concerned with privacy or simply do not want everyone knowing how much they leave to whom, a trust can be a great tool.
There are several types of trusts, meaning you can choose one that is right for your needs and the needs of your family. A well-thought out trust can also help alleviate some of the tax burdens that come with other forms of estate planning. A trust can also help you avoid most of the costs that are associated with probate.
Deciding on which route to take when estate planning can be a personal and complicated journey, regardless of the size of the estate. It is important to gather as much information as possible to ensure the best options are utilized so that peace of mind is obtained after the estate planning process is complete. Anyone in Nevada who wishes to learn more about trusts and how they may be added to an estate plan can find more information on our website about wills and trusts in general.
Source: cescobarlaw.com, “Las Vegas Wills and Trusts Lawyer“, , Aug. 25, 2014
Source: cescobarlaw.com, “Las Vegas Wills and Trusts Lawyer“, , Aug. 25, 2014