WILLS & TRUSTS

Wills & Trusts:

In a May 22, 2015 article by Casey Dowd published by Fox Business, there are five things to work on in the five years before retirement: 

 

1) Forecast post-retirement monthly expenses;

2) Create a plan to avoid a lapse in medical coverage;

3) Develop a plan for when to initiate retirement income;

4) MAKE SURE ESTATE PLANNING DOCUMENTS ARE UPDATED; and

5) Consider tweaking your life insurance portfolio. 

 

We at the Nevada Estate Planning and Probate Center can assist you in either creating or updating your estate planning documents.

A will is an instrument executed by a competent person (“testator”), in the manner prescribed by statute, whereby the testator makes a disposition of his or her property to take effect on and after the testator’s death, such disposition remaining revocable and amendable during the testator’s lifetime.  There are specific testamentary formalities which must be met under Nevada law for a will to be valid in Nevada.

 

The living trust is a form of ownership which allows the creator of the trust (“grantor” or “trustor”) during the grantor’s/trustor’s lifetime, to divide up legal rights to property in many ways – dividing it, for example, among multiple beneficiaries including the grantor/trustor.  It can divide the legal rights to your property between present and future rights.  By setting up a trust during your lifetime, you can enjoy the benefits of present rights to your property during your lifetime, and at the same time give your beneficiaries the future right to your property upon your death without resort to probate, but only to property that is put into the trust before your death.  A living trust has many advantages over a will, including:

 

• A living trust is not as expensive as probate, and avoids the need for probate.

• A living trust is not a matter of public record.

• A living trust can expedite distribution of your assets upon your death.

• The plan of distribution under a living trust cannot be easily attacked.

• A living trust makes it easier to handle property in other states.

• A living trust allows you to hire professionals to manage your investments.

• A living trust can protect the incapacitated and young children.

 

Other types of trusts include irrevocable insurance trusts and Nevada spendthrift trusts (asset protection trusts). 

Knowing that upon your death your assets will be protected and pass in the manner you desire can provide great lifetime comfort to you and lessen the anxiety often experienced by your loved ones.  Effective lifetime estate planning can also minimize tax liability, avoid probate and protect your assets from creditors. 

 

Each client’s needs are different, so we at Nevada Estate Planning and Probate Center strive to give you “client-first” service in tailoring an estate plan fitted to your circumstances.

 

Administration of Trusts:

It is important that regular reviews of the terms of your living trust be done to ensure it is up to date.  Also, upon the death of the grantor/trustor, the successor trustee has certain fiduciary responsibilities to the beneficiaries of the trust.  Proper fulfillment of those fiduciary responsibilities in view of the language of the trust agreement can often be very technical in nature and require the assistance of an attorney.  

 

We at the Nevada Estate Planning and Probate Center can assist you or your successor trustee with these concerns.

 

Living Wills:

A living will in Nevada is more correctly referred to as a declaration directing a physician to withhold or withdraw life-sustaining treatment. 

 

We at the Nevada Estate Planning and Probate Center can prepare living wills which are valid under Nevada law.