The most basic method to maintain your estate for your loved ones after your death is to create a thorough will, outlining where and how you would like your assets to be passed down. Failure to draft at least a will is dangerous for your estate, and can even cause litigation brought by extended family and ex-spouses. Simply put, the best time to complete your will is now. We understand that death is an uncomfortable subject, but it is crucial to address.
The experienced Las Vegas estate planning attorneys at Ghandi Deeter Blackham Law Offices can assist you in drafting a will that accurately reflects how you would like your assets to be distributed following your death. Living Wills and Powers of Attorney are additional documents needed to ensure your estate plan is complete. It’s important to know the difference between the two. Living wills are advance health care directives, also known as advance directives. They inform your family about your medical treatment preferences when you’re approaching your last stages of life. On the other hand, a power of attorney legalizes a specific person to make medical, financial or legal decisions for you, following an accident or event preventing you from doing so yourself.
A trust is a legal arrangement in which a trustee of your designation holds assets for the benefit of a beneficiary, which is also designated by you. Trusts are frequently a popular alternative to a will for several reasons. Unlike a will, which requires a probate court to review your final affairs, a properly formed trust will avoid the probate process altogether. This is advantageous because the probate process can be quite expensive and time-consuming, and involves a notification which must be sent to all creditors. In contrast to a trust, probate ultimately will involve the sale or transfer all estate assets in order to resolve creditor issues. Because of the unavoidable steps involved in probate, it can take years to complete, depending on the particular details of the estate and whether there are any contesting heirs. In sharp contrast, trust administration typically only takes 60 days to administer following a decedent’s passing. Simply put, a trust is an excellent tool in implementing the distribution of your assets.
Which type of trust is best for me?
A variety of trusts are available to meet your unique and specific financial needs and goals, including:
- Revocable living trusts
- Irrevocable living trusts
- Charitable trusts
- Irrevocable life insurance trusts
- Nevada Asset Protection Trusts (NAPT)
- Special needs trusts
In the event that a trust becomes contested, our attorneys are adept at efficiently and effectively litigating trust contests and resolving disputes. It is always our goal to spare our clients any avoidable expense and emotional toll of a drawn-out legal battle between family members. We understand that this is a difficult time for you and your family, and we are here to help.
We can also assist with trust administration matters, which ensures that duties of the administrator are properly performed in good faith and that all actions taken are in the best interests of the trust beneficiaries.
There are many different types of trusts. The information below is a summary of several popular types of trusts, but it is important that you seek proper legal counsel in determining which type of trust best suits your own particular needs. Contact Ghandi Deeter Blackham Law Offices to speak with an experienced estate planning attorney in Las Vegas in order to determine which option is best for you.
Revocable Living Trusts
A revocable living trust is the most commonly used trust in estate planning and is a particularly good option for business and real estate owners. Every homeowner can benefit from having a revocable living trust. A properly drafted and funded revocable living trust will serve to completely avoid the lengthy probate and separate tax filing processes. If set up correctly, a revocable living trust can also help avoid possible disturbances caused by heirs and creditors of the decedent. Though it does not provide the creditor protection of an irrevocable trust, a revocable trust permits you to act as a trustee over your assets, rather than owning assets directly in your name. You may be both the trustee and beneficiary of the trust. During your life, you may manage your money and investments in the same way as if it were not in a trust. You are simply acting as “trustee” instead of direct owner.
Irrevocable trusts are particularly useful in protecting an estate from creditors. An independent trustee oversees an irrevocable trust. In other words, to enjoy the protections of an irrevocable trust, an individual cannot be both the trustee and the beneficiary. The attorneys at Ghandi Deeter Blackham Law Offices can craft a Nevada Onshore Trust, which is an irrevocable trust that serves to remove your assets from your personal ownership, but yet allows you to retain control over how the assets are to be distributed when you pass. With a Nevada Onshore Trust that is properly set up, you can continue to receive a distribution of income during your lifetime which is generated by the trust’s investments.
Get help protecting your assets
We are experienced in advising clients as to the various types of trusts available, and we can assist you in making the best decision for yourself based on your own personal situation. We know that being well informed is crucial no matter what estate planning path you choose.
Contact Ghandi Deeter Blackham Law Offices today at (702) 878-1115 to discuss your estate planning options.