When it’s time to work on your estate planning in Las Vegas, the experienced attorneys at Williams Starbuck can help you find the best solutions for legally transferring your property to your chosen beneficiaries. One option is to create a trust. Our attorneys in Las Vegas look at your unique circumstances and wishes to determine if a trust will suit your needs. Then, if you want a trust, we walk you through the process and make it streamlined and convenient.
In the context of estate planning, a trust is a legal structure that holds assets for the benefit of a third party. When you establish a trust, you, as the trustor, assign assets to a trustee to manage until your death. After you pass away, the trustee distributes the property to your named beneficiaries according to the trust’s terms.
When Do I Need A Trust For Estate Planning In Las Vegas?
A trust can be an effective tool for distributing your property how you want upon your passing. You may consider establishing a trust if you:
- Want to ensure your estate is managed according to your terms?
- Have special family circumstances and need more flexibility for beneficiaries than a will provides.
- Need to protect funds for minor children or disabled adults.
- Want to make a charitable gift while avoiding exorbitant taxes?
- Work in a high-liability profession and wish to protect assets from a lawsuit.
- Want to safeguard your estate from fraud?
Do I Need A Trust If I Have A Will?
Whether you need a will, a trust, or both depends on several factors that Williams Starbuck can help you explore. Trusts in Las Vegas may not cover all the legal decisions you need to make during estate planning, but they have many benefits over wills that might appeal to you. Trusts
- Do not go through the slow process of probate.
- Stay private, while a will becomes public upon your death.
- Can have more customizable terms than a will.
- Can reduce the estate taxes.
What Are The Different Types Of Trusts In Las Vegas?
The attorneys at Williams Starbuck have expertise in creating several types of trusts. We’ll work with you to choose the best trust for your needs and write its terms per your wishes.
- A Living Trust is created while you’re alive and is revocable only during your lifetime. You act as the trust’s trustee until your passing, then the property in the trust transfers to your beneficiaries without going through probate.
- Irrevocable Trusts cannot be changed by the trustor once established. People create irrevocable trusts to reduce the trustor’s total estate to minimize taxes and protect the property from creditors.
- A Supplemental Trust, or Special Needs Trust, provides for the needs of a dependent person without disqualifying them from needs-based government assistance programs.
- A-B Trusts work like a living trust, but when you die, the property is split between your direct beneficiaries and a second party who may use the property before passing it to your final heirs. Often, A-B trusts are used when a surviving spouse receives a portion of the property to use until their death, when it passes on to the trustor’s offspring.
- Probate Avoidance Trusts bypass the arduous probate process after you die so that your beneficiaries receive their inheritance quicker.
- Credit Shelter Trusts are created after the death of one spouse in a married couple and separate assets from the rest of the estate so they can pass tax-free to beneficiaries after the remaining spouse’s death.
How Do I Set Up A Trust?
Your first step in establishing a trust in Las Vegas is to contact the experts at Williams Starbuck. We’ll take you through all the steps and make the process easy. We’ll discuss key decisions like
- What type of trust will fit your needs
- The terms of the trust
- Choosing a trustee and beneficiaries
- What assets you can put in the trust
From there, we will create the necessary documents for you to sign and get them notarized. Then we’ll help you transfer assets into the trust. After that, we’ll be happy to chat anytime you have questions or want to discuss changes or other estate planning options.
Who Can Be My Trust Beneficiaries In Las Vegas?
You may choose any individuals or charitable organizations as your beneficiaries. Many people put money or other assets into trusts for loved ones or good causes.
Your beneficiaries will fit within two groups: current and remainder. Current beneficiaries receive property from the trust according to the terms you set and at the trustee’s discretion. Remainder beneficiaries receive the balance of a trust’s assets if the trust is a type that terminates at a specific time.
Who Can Be My Trustee?
A trustee manages the property in your trust and can be a person or a company. You can choose anyone you trust who is age 18 or older. Most people choose a close friend or relative. You can also choose your lawyer or hire a trust company to fill this role.
Aren’t Trusts Just For Wealthy People?
Not at all. Anyone with some property they want to pass on to others can establish a trust.
Bring Your Estate Planning Questions To Our Trust Attorneys In Las Vegas
The estate planning attorneys of Williams Starbuck are here to make creating trusts simple. We help you protect your property and loved ones with estate planning solutions that give you peace of mind. Schedule your free consultation today by calling us at 702-660-9847 or sending us a message below.