Skip to main content
Question

What are the advantages to revocable living trusts in Nevada?

Sponsored Answer
Kim Boyer - Elder Law - Super Lawyers

Answered by: Kim Boyer

Located in Las Vegas, NVBoyer Law Group

Phone: 702-255-2000
Fax: 702-255-2012

View Profile
Answer

Many turn to estate planning with their eye on preserving the financial security for their next of kin and putting their legacy in fine print. A revocable living trust is one such estate planning tool that can aid someone during their life and their desired beneficiaries after they’ve passed.

In order to understand the broader scope of how it benefits a family, it’s important to understand the essentials of a revocable trust.

One’s legacy typically involves a variety of assets. Transferring these assets into a trust can safeguard them (which we’ll talk about in a bit) and give ownership of those assets to the trust. While the trust now owns these assets, the trustor isn’t completely giving them up. They may still access the assets but not control them. They can modify the terms of the trust.

One such set of terms is in the naming of the beneficiaries. There’s a chance that sometime after enacting this trust, a named beneficiary may fall out of favor or pass away. Trustors may change out names to fit current circumstances.

In terms of security benefits, perhaps the most recognized and highlighted benefit of this trust is protection during probate. Probate can be a frustrating time. Loved one’s often see assets drop in value due to tax obligations. But, with this trust, the assets within pass through probate unscathed.

Two elements that can complicate the process of modification is if the trustor becomes incapacitated or a potential beneficiary tries to influence them into making changes to the terms of the trust. When either factor is at play, requested modifications are often be contest and denied.

A revocable living trust can provide financial security for years to come. Having an experienced estate planning attorney to set up the trust properly can be instrumental in the process.

Other Answers By Kim Boyer

Photo of Kim Boyer

How much does probate cost in Nevada?

There is no standard cost to the probate process in Nevada, but families can get a far better sense of what to …

Sponsored answer by Kim Boyer

Other Answers About Estate Planning

Photo of Thomas J. Petrelli, Jr.

What is the Difference Between a Will and a Trust in Pennsylvania?

Everybody needs a will. A will is a legal document that determines what happens to your property and possessions …

Sponsored answer by Thomas J. Petrelli, Jr.

Photo of John Park

What’s The Difference Between An Estate Plan, Will And A Living Trust In Las Vegas, Nevada?

In Nevada, you need an estate plan to manage your personal assets and ensure that your wishes are followed for …

Sponsored answer by John Park

Photo of Blake B. Johnson

What benefits does an estate plan have in Las Vegas, Nevada?

Estate planning can help individuals take their interests and wishes and put them in fine print for the future. …

Sponsored answer by Blake B. Johnson

Call Me
702-255-2000

To: Kim Boyer

Super Lawyers: Potential Client Inquiry

Required fields are marked with an asterisk (*).

Disclaimer:

The information contained in this web site is intended to convey general information. It should not be construed as legal advice or opinion. It is not an offer to represent you, nor is it intended to create an attorney-client relationship. The use of the internet or this contact form for communication is not necessarily a secure environment. Contacting a lawyer or law firm email through this service will not create an attorney-client relationship, and information will not necessarily be treated as privileged or confidential.

Page Generated: 2.2213590145111 sec