Las Vegas Living Trust Lawyer

Las Vegas, NV Attorneys Helping With Living Trusts

Are you concerned about the details of your health care and estate as you get older? Would you prefer to provide instructions for your health care and distribution of assets yourself? If your answers are “yes”, a Las Vegas living trust lawyer at the law firm of Ken R. Ashworth & Associates is prepared to help. We bring more than 30 years of experience, integrity, and credibility to the table when it comes to helping you achieve your estate planning goals.

Contact us online or call 702-893-9500 at your earliest convenience to schedule an initial consultation. We are prepared to put our skills to work for you.

Why the Support of a Living Trust Lawyer Is Essential

The support of a living trust attorney in Las Vegas is essential, as they offer valuable legal assistance and guidance on the complex legal requirements of the creation and maintenance of a living trust, regardless of the downsides. Below are reasons why their support is necessary:

• Legal Understanding: Living trust lawyers have a detailed legal understanding of the state-specific laws and requirements that all trusts and estate planning must adhere to. They can provide essential guidance and advice to ensure that all trust documents and provisions comply with these relevant regulations and laws.
• Personalization: As each individual’s situation and needs are unique, an attorney can ensure that their living trust’s terms address these specific goals and requirements. Attorneys can guide their clients through the various types of trusts and help them determine which option is right based on their requests.
• Asset Protection: Estate planning lawyers can advise their clients on the specific methods and strategies for setting up their living trusts. This can protect their assets and minimize the risk of legal and creditor disputes, which can negatively impact their estate.
• Trust Administration: A living trust attorney can provide guidance to their client’s successor in the event of their client’s incapacity or passing. They can ensure that their client’s wishes are carried out promptly and effectively, according to the terms of the trust.

The overall benefits of an experienced living trust attorney should not be overlooked. By providing legal guidance, creating the necessary documentation, and managing their clients’ trusts, their support is vital in ensuring that their clients’ estate planning goals are met.

How a Living Trust Can Help You

A living trust gives individuals the ability to manage their assets during their lifetime, allowing them to make adjustments and changes as they wish. There are also many other benefits to establishing a living trust. Below are reasons why living trusts are often an essential piece of an estate plan:

• Control and Flexibility: Living trusts offer individuals essential protections without the need to give up control of their assets. They can also determine the specific details of their trust, like when and how beneficiaries receive their inheritances, how assets are distributed, whether this distribution occurs through installments or after reaching specific milestone achievements, and more.
• Asset Protection: Assets that are held in a living trust, depending on the type of trust established, can be protected from legal claims, creditors, and other claims. This protection is essential in planning for a stable and fortified future.
• Probate Avoidance: A major benefit of a living trust is that it enables an individual’s assets within the trust to completely avoid probate court upon death, enabling the swift and smooth distribution of assets to beneficiaries. Probate is generally time- and energy-consuming, and it can also be expensive. Bypassing this step in asset distribution after death is often essential for protecting the full asset amount.
• Privacy: A living trust is a private document that will not become a matter of public record. The details of an individual’s estate plan, if it is within a living trust, will remain confidential.
• Future Planning: In the unfortunate event that an individual becomes incapacitated and unable to manage their own finances due to injury, illness, or other reasons, a living trust can provide details for the management of assets as determined by the creator. This ensures that, even when mental facilities start to fail, their wishes will still come to fruition in the future.

The overall benefits of a living trust include privacy, control, efficiency, asset protection, and more, which makes it a valuable and often necessary step in estate planning. A qualified estate planning attorney can assist in ensuring that a living trust is established in a way that fits your needs.

Creating A Living Trust

A living trust is created by you while you are still alive. It provides instructions for your care to your family and friends in the event that you should become incapacitated. It also includes directions for the administration of your estate upon your death, which can help your family avoid the probate process. It is important to note that under Nevada law, any estate that is valued at more than $20,000 and is not set up with a trust must go through probate.

In order to achieve these objectives, you must transfer assets to the trust while you are still alive, or set up the trust to be the beneficiary of your estate’s assets. Transferring your assets to a living trust has no income tax consequences while you are still alive.

Below are the general steps needed to create a living trust in Nevada:

• Determine all estate planning goals, like providing for loved ones, avoiding probate, minimizing estate taxes, and more. Review all assets, like real estate properties, bank accounts, investments, retirement accounts, and more.
• Contact a living trust attorney and share your determined goals and objectives. They can provide detailed advice on creating a living trust plan that meets your goals.
• Choose a trustee and determine specific trust terms.
• Create the trust documentation with your living trust attorney. This outlines terms and identifies trustees and beneficiaries. It contains all instructions on handling and distributing assets.
• Fund the trust by transferring the ownership of your assets and updating beneficiary designations for assets.
• Update the trust documentation when necessary.

Determining The Type of Trust That Is Right For You

A living trust can be either revocable or irrevocable. Revocable trusts can be amended or revoked at any time in writing. Irrevocable trusts cannot be amended or revoked. Our attorneys can help you determine which type of trust is most appropriate for you.

You may also create a special needs trust for yourself or a loved one to provide for the costs of health care in the event of an incapacitating illness.

FAQs for Living Trust Lawyers

Q: How Much Does a Living Trust Cost in Las Vegas, Nevada?

A: The price of a living trust in Las Vegas, Nevada, can range anywhere from a few hundred dollars to multiple thousands, depending on the complexity of the specific trust. For many, the costs associated with setting up a living trust are greatly outweighed by the many benefits and protections that the trust provides.

Q: Can I Do My Own Living Trust in Nevada?

A: Individuals can create their own living trust in Nevada. However, it is generally recommended that they receive the assistance of a qualified and experienced attorney to ensure proper adherence to all legal requirements, as the process can be challenging. There are various resources available to individuals creating a trust on their own, but many have faced legal issues when doing so, as the relevant laws are complex.

Q: Does a Trust Need to Be Recorded in Nevada?

A: A trust does not typically need to be recorded in the state of Nevada with any government agency or entity. Living trusts are generally considered to be personal and private documents, but these provisions must adhere to local laws and regulations. Some documentation may require filing paperwork with government agencies for legal purposes. It is recommended that individuals seek the counsel of a local attorney to ensure compliance with all specific regulations and requirements.

Q: Is a Will or a Trust Better in Nevada?

A: Determining if a will or trust is better in Nevada depends on each unique scenario and what specific outcomes are desired. Wills tend to be a more streamlined and simplified process that details a testator’s wishes after death. A living trust is a bit more layered, as it is a specific account that protects an individual’s assets while they are alive through a trustee, who is responsible for distributing the trust’s contents to the testator’s beneficiaries.

Contact Our Lawyers For All Of Your Estate Planning Needs

A living will has many benefits and should be considered as part of a comprehensive estate plan. To learn more, contact us online or call 702-893-9500 to schedule an initial consultation to discuss your needs.