If you want to find out how to avoid probate in Nevada, you are not alone. Many Nevada residents would prefer to avoid probate as it can come with many downsides, which is why you should consider establishing and funding a trust in Nevada.
If you want to learn more about Nevada probate avoidance strategies, you should consider hiring a Nevada estate planning attorney. At Morris Estate Planning Attorneys, our collective years of experience have equipped us with the knowledge needed to help our Nevada clients navigate the estate planning process. Keep reading to find out how to avoid probate in Nevada and the difference between a living trust versus a will in Nevada.
Why Avoid Probate in Nevada?
Many people want to avoid probate in Nevada, but why is this? Probate serves an important purpose by helping to settle a state after the owner has passed away. However, probate can be a time consuming and expensive process.
Here are some reasons why you may want to avoid probate, depending on your situation:
- Privacy: When an estate goes through the probate process, this will be in a public record that is accessible to anyone. This can create privacy concerns depending on the individual and the details around their estate.
- Time: Regular probate administrations in Nevada take at least around 6-8 months, but can go on for years depending on the type of estate. The timing can depend on the type of probate process and the complexity of the estate.
- Cost: There are certain expenses associated with the probate process, such as filing fees, other court-related fees, personal representative fees, attorney fees, and other expenses. These costs can be significant.
- Complexity: Probate can be a difficult process, especially for those who do not have experience with it. Not only can this make it feel very overwhelming, but it also creates the risk of making legal mistakes.
Trusts as a Probate-Avoidance Tool
One of the best ways to avoid probate is to simply plan ahead by using specific legal documents, such as a trust. However, there are several different types of trusts available that you will have to choose from.
Here are some examples of the most commonly used trusts in Nevada and how they can help you avoid probate.
Revocable Trusts
One of the best options is a revocable living trust in Nevada, which allows you to collect your assets and transfer them to a trustee. Upon the time of your death, the trustee will get access to your assets and can relay them to your beneficiaries without having to go through probate. This only works as intended when the assets are titled in the name of the trust.
Irrevocable Trusts
Another option you can take advantage of is irrevocable trust, which works similarly to a revocable trust, except it cannot be changed or modified as easily after it is created. Irrevocable trusts are a great option if you want to protect certain assets from creditors, transfer assets to beneficiaries during your lifetime, or reduce estate taxes. There are numerous types of irrevocable trusts, but they will avoid probate as long as the assets are titled in the name of the trust.
Testamentary Trusts
Another type of trust Nevada residents can use is a testamentary trust, which is a trust that becomes effective upon death and is set forth in a will. However, these types of trusts require probate because the will has to be probated first before the trust can become effective. So for this reason, these types of trust are usually not recommended compared to establishing a trust while you are alive, such as revocable or irrevocable trust as described previously.
How Trusts Help Avoid Probate
Different types of trusts are going to have different objectives and consequences; however, every trust that is properly drafted and funded will help you avoid the probate process in the state of Nevada.
Along with helping you avoid probate, trusts can also give you more control over how your estate is handled in the future. For instance, you can make specific provisions for minors, those with special needs, or otherwise protect the assets after you are deceased.
If you want to avoid probate by using a Nevada trust, you should hire an estate planning attorney. An attorney will have experience with how to set up a trust in a way that is legally binding and accurately reflects your wishes. They will also play an essential role in ensuring your estate avoids probate.
FAQ Section
Do revocable trusts avoid probate in Nevada?
Yes, revocable trusts can avoid the probate process, but they must be funded during your lifetime in order to do so.
Can a trust include out-of-state property?
Yes, even if your trust is established in Nevada, it can include out-of-state property, thus helping you to avoid probate across multiple jurisdictions.
Do I still need a will if I have a trust?
It is important to have both a will and a trust, as only having a trust without a will can create problems. For instance, if there are assets outside of the trust, a will is necessary to make sure those assets are distributed in accordance with the other assets in the trust. Having a will in addition to a trust can also reduce the time and expense of the probate process.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
Even though there are several good reasons why probate exists, you may still want to avoid it to save time and money. If that is the case, you need to hire a trust attorney to help you navigate the different trusts you can use in your estate plan.
At Morris Estate Planning Attorneys, our estate planning lawyers are dedicated to providing our clients with the assistance they need as they plan for the future. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.