Request your Consultation
Posted on January 9, 2025 in trust
It’s not always easy to think about planning for your family after your passing. Creating a trust in Nevada can protect your assets and provide for your family for years to come. You might be wondering: how do I make a trust in Las Vegas?
While Nevada is one of the top states in the nation for trust-friendly laws, there are still legal complexities that make creating your own trust difficult to navigate. A Las Vegas trust lawyer can walk you through the process of establishing your trust and ensuring your wishes are carried out.
Before you begin the process of establishing a trust, determine your reasons for making this choice. Some of the top reasons someone might prefer a trust over a standard written will include:
When you’re ready to begin the process of creating a trust in Las Vegas, begin by choosing the type of trust you want and then following the step-by-step process provided.
Once you have determined the reason for your trust and the kind of trust you are creating, you can make a trust by following these steps.
Step 1: Contact a knowledgeable Las Vegas trust lawyer to walk you through the legal complexities associated with preparing a solid trust within Nevada law.
Step 2: Choose a trustee who will be responsible for managing your assets on your behalf. This person must be willing to continue their administrative duties while acting in the interest of your chosen beneficiaries.
Step 3: Draft the trust document, naming the assets you want to include, the beneficiaries, and instructions for how you want your estate managed in your absence.
Step 4: Fund the trust by transferring ownership of your assets to the trust. These include your investment portfolios, bank accounts, real estate, and possessions.
When the trust is in place, be sure to keep it updated, especially after significant life changes, such as marriage, divorce, or the addition of a new child. Nevada trust laws change frequently to keep up with the changing times, so be sure to stay informed and monitor your trust.
A: Yes, you can establish your own trust in Nevada, but it’s wise to work with a knowledgeable attorney to help you work through the legal complexities. A Las Vegas trust lawyer can ensure your plans meet specific Nevada trust laws and legal requirements. Since the process can be challenging, it’s easy to make a mistake, which could ultimately cost you additional money in the future.
A: To begin the process, choose whether you want to establish an individual or shared trust and identify the assets you want to include in the document. Nominate a trustee and a successor who can take over upon your passing. You can then begin drafting the trust agreement and identify your beneficiaries. A Las Vegas trust lawyer can help you navigate these steps while meeting specific Nevada trust laws.
A: There is no set amount needed to begin a trust in Nevada. However, trusts are generally most beneficial for a person with significant assets, including real estate. Consider that setting up a trust comes with initial fees that could total hundreds of dollars upfront. If your assets equal less than $100,000, a standard will might be a better choice for you.
A: Creating a trust can be a complex process that takes time. In addition, there are costs and fees required upfront for establishing a trust. Once you have your trust in place, you give some or all of the control of your estate to your administrator, especially in the case of an irrevocable trust. Trusts can also be subject to greater federal taxation.
How do you make a trust in Las Vegas? When you’re ready to establish your trust and begin planning for your family’s future, contact our team for a consultation. The experienced attorneys at the law firm of Ken R. Ashworth & Associates provide exceptional estate planning services to help you protect your estate and carry out your final wishes.
