Wondering how to create a living trust can be an excellent way to remain proactive with your estate planning, delivering you the means to safeguard your assets and make life easier for the members of your family long after you’re gone. However, right from the start, you should know that the rules governing the creation of living trusts significantly vary from state to state.

So, if you happen to live in Las Vegas or anywhere in Nevada and you’re strongly considering the possibility of establishing a living trust, you’re at the right place as this brief all-around guide will give you the basic information that you need to know to set everything up. Furthermore, to help you draft and work your living trust within your financial plans, you might benefit from working with an experienced Las Vegas real estate planning attorney like www.ashworthlaw.com who can take a more holistic approach to your estate and financial plans and help you establish the trust in the way you always wanted to. 

So, without further ado, here’s everything that you should know about creating living trusts in the State of Nevada. But first, let’s see what a living trust actually is. 

What Is A Living Trust? 

In a few words, a living trust is a document that permits the legal transfer of assets from one person to another under any particular terms outlined in the living trust. The assets named in the trust and their eventual disbursement are the trustee’s responsibility, as the creator of the trust names an individual to act as a trustee when drafting it. 

Moreover, there are two different types of living trusts: revocable and irrevocable. The first one is flexible and allows for future modifications and the removal of property or/and beneficiaries if desired. On the other hand, the second type of living trust, the irrevocable living trust, is permanent. Any asset that has been placed inside of it can’t be removed without permission from everyone named in the living trust. 

As a potential grantor, another name for the person creating the living trust, the most significant difference you should know about the two types of living trusts is that you retain complete control of the assets you place inside with a revocable trust. On the other hand, you relinquish control over the assets for good with an irrevocable living trust.

How Can One Create A Living Trust In Nevada? 

If you want to create a living trust in Nevada, there are five essential steps that each living trust creator must accomplish for the trust to become legally active and binding to all parties involved. These steps include: 

• First off, you’ll need to decide what assets will go into your trust. Most of the things you own can be placed in the trust, including money, physical property, and investments. The only exception from living trusts is retirement accounts, as they already have beneficiaries. 
• The second step is to select a trustee. With living trusts, most grantors pick themselves to be the trustees to start and name a successor trustee to take over if they die meanwhile. However, you can opt to name someone else as a trustee too, though. 
• Afterward, you’ll need to layout the document, as this involves writing the trust, outlining who’ll inherit which assets and property, naming your trustee, and other pertinent details. 
• After that, you’ll need to sign the document in the presence of a notary public. 
• Finally, after you sign the living trust in the presence of a notary, your living trust is legal, and you may transfer the assets into the name of the trust.

How Much Will It Cost To Create A Living Trust In Nevada? 

Establishing a living trust in Nevada can cost considerably different amounts, contingent on how you go about setting the trust up. For example, if you decide to go at it alone with the help of a book or a guide, it may cost you $200 or less. Nevertheless, do-it-yourself estate planning has its pitfalls, so think twice about whether you’re going to draft your living trust on your own. 

Logically, working with a real estate attorney will raise the overall cost of the process, as the fees could easily exceed $800. Each attorney sets their own pricing options, so consult with your selected attorney to get an estimate beforehand. However, if you decide to go with an attorney, make sure that you’re only considering those local Nevada attorneys who specialize in estate planning and living trusts.

Final Words

Establishing a living trust in Nevada sure takes planning, but that doesn’t mean that it’s hard to draft and impossible to become legal. Even though you should have a will in place as well, consult with your attorney and create a living trust to make life easier for your family after you’re gone.