When you set up a revocable living trust as part of your estate plan, your wishes will be honored and your family can avoid probate. At the Las Vegas Law Firm of JEFFREY BURR, we will help you develop an estate plan that will provide for administration and distribution of your assets through a revocable living trust. When the time comes, we will also be ready to help your family through the trust administration process.
A revocable living trust is an especially important option in Nevada because of Nevada's complex probate process. If you want to help your family avoid the complex, costly and time-consuming probate process, you should design a plan that puts your assets in a trust. When assets are transferred to a trust, the designated successor trustee will have full authority to administer and distribute assets as you have directed upon your death, thereby avoiding probate.
When you take the time to set up a revocable living trust, you will retain complete control of your assets until your death or incapacity. If you reach a point where you are no longer able to take care of yourself, your successor trustee can step in and care for you and act on your behalf, often eliminating the need for guardianship proceedings.
Dedicated to appropriate estate planning and asset protection, our staff will help you make sure your assets are transferred properly. At your first interview, we will be ready to collect your asset information. We will also prepare with your trust a "pour over" will, and health care powers of attorney and directives, so you are protected on all fronts. We will help you with the following steps for your revocable living trust:
Create and Design the Trust: We will help you design your trust so your assets are administered and distributed as you desire when you pass away. A trust will allow you to very flexibly manage your estate. For example, a properly drafted trust allows your beneficiaries to use and enjoy trust property as determined by the trustee for their health, education and support while young. The trust can then direct for the outright distribution of assets when a beneficiary is older and more mature.
Funding the Trust: The second step is to transfer the title of the appropriate assets to the trust. Developing the trust itself is important, but you have to take real action and make sure your assets are controlled directly by the trust.
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