Will and Trusts
Wills
Most Americans do not have a simple will as part of their estate plan. You might believe that a will is only for the rich and famous and not the average person who has a far smaller net worth (NOT TRUE). On the other hand, you may think that a will is entirely unnecessary since you have a trust, jointly owned property, or have named beneficiaries on your insurance.
So, do you really need a will? The short answer to this question is “yes.” In fact, everyone who owns anything – no matter how little value it may seem to have – should have a will. This is because a will puts you in charge of directing others on your wishes and distribution of assets upon your death.
Without a will or other estate plan – referred to as intestacy – you have no control, and your state’s rules determine who gets what after your death. Even if you have a trust, jointly owned property, or have named beneficiaries on your insurance, a will is an important, even as just a “backup” plan. That’s where our Nevada will advisor comes in.
Our Nevada Will Advisors Can Help You Create Your Will
A proper will should include many things, and an estate planning professionals can help you make these important decisions.
Here is what we can do for you.
Distribute your estate assets
Even if you don’t consider yourself wealthy, a will is integral to ensuring your assets are distributed how you want them to be, no matter how much you have saved. A will can help you name heirs for assets like your house, car, jewelry, or even small, sentimental items like photo albums. State laws dictate who gets what from your estate without a will, and there’s no way to know if that will align with your wishes.
Grant custody of minor children
This is perhaps the most important if you are a parent of minor children. A will states who would get custody of your children if something happens to both parents or guardians. While this scenario may feel unlikely, a will helps you prepare for the unexpected and can give you peace of mind that your children will be cared for in your absence.
While all parents hate to think about what their children would do without them, that thought is scarier if you aren’t sure who they would end up with in the event of your death. Let us help take that fear away.
Name an estate executor
You can pick an executor of your estate. In this role, the person you choose would be responsible for wrapping up your financial affairs, like closing your credit cards and letting creditors know you’re deceased. They would also ensure your assets are distributed as you have laid them out in your will. It doesn’t matter if this person is a friend or family member, but it does matter that it is someone you trust.
Leave people out of your will
If you do not leave a will behind stating your wishes, your estate will be divided among your surviving relatives or heirs. We all know family issues can be complicated, so if there’s anyone you would like to leave out of your estate, a will allows you to “disinherit” them or prevent them from receiving any of your assets after your death.
You must specify that in the will to prevent certain people from getting your assets.
Avoid legal issues and a lengthy probate process
A valid will can help your family and friends avoid legal issues and disputes once you are gone. Probate court is the process wills go through to ensure they are valid and has a proper representative to administer the estate.
By spelling out your wishes clearly in your will, your loved ones can ensure your estate is handled the way you want after your death.
But a will alone will not avoid probate court.
Our Nevada probate advisor can walk you through what it takes to keep your assets out of probate and more money in your estate.
Trusts
You probably already know that you need an estate plan. Whether you’re reading this because you’re starting from scratch to create your foundational plan for the very first time or need to review and revise your existing documentation, a Nevada trust advisor can help you make sure you’re setting up your future plans with a thorough approach.
What Is a Trust?
To put it simply, a trust is a kind of legal relationship in which one party (known as the trustor or grantor) gives legal ownership over an asset (property, money, etc.) to another party (known as the trustee). The trustee uses these rights to manage the asset on the behalf of a third party (known as a beneficiary).
A trust allows you to keep your assets in a safe space until the conditions under which you’d like them to be used come into existence.
Reasons for a Trust
There are lots of reasons that your estate planning should include a trust as one of the tools you use to ensure that your assets are managed in the way you wish after you have passed.
The following are some of the most common reasons:
- Protecting and competently managing assets for an underage beneficiary until they are old enough to do so themselves
- Keeping trust assets safe from probate
- Maintaining privacy for family assets and how they are distributed
- Ensuring a clear and efficient line of succession for business-related assets
- Managing asset distribution in a way that allows a spouse or dependent access to needs-based, means-tested public programs
- Creating a clear plan for long-term stability for a disabled dependent during special needs planning
Benefits of Trust-based Estate Planning
When you have entered into an agreement for trust administration, you can rest assured that your assets will be managed to your specifications. Trust-based estate planning takes the guesswork out of what will happen upon your incapacitation or death, giving you peace of mind and clarity. Through a carefully managed trust, your assets can even grow, giving your beneficiaries an increased benefit in the future.
Above all, the benefit of trust-based estate planning is clear control that eliminates many of the frustrations and confusions that can happen when a person dies without a clear plan for their estate.
Here are a few reasons to set up a trust.
To Avoid Probate
By avoiding probate using trusts, you could save your heirs time and hassle after you’re gone. By using trusts, you are protecting assets as they are directed to your named beneficiaries without going through the court in the probate process.
For Privacy
Using a trust can avoid making your financial affairs public record in probate court. Trusts are a private way to ensure your beneficiaries get the assets you intend for them while avoiding the scrutiny of probate.
For Medicaid Asset Protection
Medicaid is often used later in life for long-term care solutions like assisted living or nursing home fees. Your assets need to be under a certain threshold to qualify for Medicaid care. A qualified trust advisor can help you set up your assets in a trust to get the Medicaid assistance you need later in life.
What Does a Nevada Trust Advisor Do?
There are many different kinds of trusts, and each one comes with its own set of pros and cons that may or may not be right for your specific situation.
Our Nevada trust advisors will give you the added security of knowing that you’ve carefully considered each potential arrangement and chosen the legal services and estate planning tools that best fit your intentions and goals. You can also ensure that any unusual details or complexities of your particular estate are accurately accounted for in the plan.
When Should You Contact a Nevada Trust Advisor?
It’s never too soon to start estate planning. Unfortunately, the future is never completely predictable, and those who die or become incapacitated before creating an estate plan will have little say over how their assets are managed. Some worry that an estate plan they make now might not be sufficient in the future, but the plans you put into place now can be amended and adjusted for any future changes to your estate.
Get in touch with one of our Nevada trust advisors as soon as you are considering setting up a trust for your estate plans. This will give you the most time to ask questions and get the answers you need to make informed decisions. You can ask any questions you have now by calling for a free consultation.
How Can a Trust Attorney Help You?
A trust attorney can make the process of setting up a trust, considering who should manage it, and ultimately getting your estate plan in order easier, more efficient, and less time-consuming. Contact Us Today