Legal Question in Wills and Trusts in Nevada

What is a living revocable trust?

Asked on 2/01/16, 11:02 pm

1 Answer from Attorneys

Rick Williams Law Offices of Frederick D. (Rick) Williams, Chtd.

A living trust is one that is drafted, signed and put into place during one's life to specify that person's wishes for who gets what of his/her property upon death. It is a fundamental estate planning device that enables the person making the trust to avoid his/her family and others having to go through the expensive and time-consuming process of probating the estate. In other words, it is a private contract you can enter that specifies your wishes upon your death and precludes the need for anyone to hire an attorney, appear before a judge, and make your entire life public after you are dead. You name the person you most trust in the world to make sure your wishes are realized, and that person has specific instructions about how, and to whom, to distribute everything you own after you are gone.

The term "revocable" means that after the trust is formed, you have the right to amend it or destroy it so long as you are alive and mentally competent.

This is, generally, the best estate planning method for anyone who may die in Nevada owning as little as $25,000 of property, as that is the level at which it becomes mandatory for one to go through the probate process in our state. If properly drafted, it makes all that unnecessary. Talk with an experienced Nevada attorney about how to get the process started in putting a revocable living trust together. You may be surprised to learn how inexpensive and simple it all can be, and the peace of mind of knowing your wishes will be granted when you are gone is immeasurable!

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Answered on 2/03/16, 9:51 am

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