Las Vegas Revocable & Irrevocable Trust Attorney
If you are planning to work with an attorney on estate planning and want to be certain about leaving particular assets to a child, another family member, or a charitable organization, you should be looking into the benefits of a trust. Unlike assets that are distributed to a person through a will, assets distributed through trusts do not have to go through probate, and it can be easier for beneficiaries to obtain the assets that you intend for them to have. There are many different types of trusts in Las Vegas under Nevada law. In general, there are two overarching types of trusts: revocable and irrevocable trusts. The other types of existing trusts in Nevada typically fall into one of these categories—they are either revocable or irrevocable trusts.
We want to provide you with more information about revocable and irrevocable trusts in Nevada, and to encourage you to speak with an experienced Las Vegas revocable and irrevocable trust attorney if you have questions about creating a valid trust. Our attorneys can also speak with you about the benefits of trusts in the state.
Revocable Trusts, or Living Trusts, in Nevada
In Las Vegas, Nevada, a revocable trust is also known as a living trust. What this means is that the grantor of the trust maintains control of the trust during the grantor’s lifetime. Accordingly, with a revocable trust, the grantor can make changes to the trust, such as the beneficiaries or who will serve as the trustee. If the grantor chooses to do so, he or she can also cancel the trust. However, when the grantor dies, then the trust turns into an irrevocable trust, which means its terms cannot be changed, amended, or revised.
Irrevocable Trusts in Las Vegas, Nevada
Unlike a revocable trust, an irrevocable trust is a type of trust that cannot be changed or amended once it is made. Even if the grantor is still living, the terms of the trust cannot be revised, from named beneficiaries to the trustee. Why would a person choose an irrevocable trust instead of a revocable trust? For most people who are creating a trust to lower estate taxes, estate taxes will get assessed on a revocable trust but not on an irrevocable trust. As such, an irrevocable trust ultimately may allow the beneficiaries to inherit more money in the long term.
Contact a Las Vegas Trusts Lawyer to Learn More About Your Options
If you have questions about the estate planning process and your options for leaving your assets to particular beneficiaries, you should speak with an experienced Las Vegas trusts lawyer about your particular situation. One of our dedicated estate planning lawyers can help you to determine whether you want to have a revocable or irrevocable trust. Once you make that determination, we can help you to understand the different types of trusts that you may be able to create to help provide for your beneficiaries. Contact Ghandi Deeter Blackham Law Offices to learn more about the services we can provide to you.