When it comes to planning for the future and establishing a plan for your legacy, it’s never too early to get started. However, if these key legal documents are not properly prepared and executed, the outcome of your estate plan may be put in question.
A Las Vegas trusts and estates lawyer can help you make an informed decision about the best legal tools to manage and distribute your assets in the event of your incapacitation or death. An experienced attorney from the Cross Law Group can help with creating trusts, wills, powers of attorney, and other vital documents to ensure that nothing is left to chance and the rights of your proposed beneficiaries are safeguarded.
Trusts are one of the most common ways you can protect your assets and help your beneficiaries avoid the probate process. Probate is the legal process by which the court distributes your assets upon your death, unless you have created a legal structure, such as a trust, that can avoid this often costly and time-consuming process.
While Nevada is one of only a handful of states that does not impose state income tax, a trust can still provide more favorable tax treatment for your designated beneficiaries while also offering protection against creditors.
A trust involves an agreement between a trustor or grantor (which is the person establishing the trust) and a trustee. The trustee has the legal responsibility to manage the assets in the trust and hold the title to the trust assets on behalf of its beneficiaries. Trusts are generally used in estate planning to manage and distribute the settlor’s assets during incapacity or death. However, certain types of trusts, such as irrevocable trusts, can also provide asset protection and tax advantages, depending on how they are structured.
A Las Vegas attorney can help you incorporate various types of trusts into your estate plan, such as revocable trusts, irrevocable trusts, and special needs trusts. Each type of trust has unique features, benefits, and rules. An experienced attorney can help you determine which trust best suits your needs and goals.”
In addition to creating a structure like a trust that can help manage your assets, potentially minimize taxes, and avoid probate, a Las Vegas trusts and estates attorney can offer insightful and effective legal solutions for other aspects of your estate plan. These solutions can include, but are not limited to, a general durable power of attorney, medical power of attorney, and a last will and testament.
Through a general durable power of attorney, you can designate an agent to oversee the management of your property and finances in the event you suffer an incapacitating injury or illness. This document can allow you to grant considerable or minimal authority to the agent as you desire, along with a date for this power to cease.
Through a healthcare or medical power of attorney, you can grant someone the authority to make decisions about your medical care or treatment if you are incapacitated and therefore unable to make these decisions yourself. You may also entrust this person with the authority to make decisions about end-of-life care, if you so choose.
When creating an estate plan, it’s important to understand that having a trust does not eliminate the need for a will. In fact, people with living trusts should also have a type of will called a “pour-over” will. This will ensures that any assets not already transferred into your trust during your lifetime will be added to the trust upon your death, providing a safety net for your estate plan.
For simpler estates that don’t require a trust, a simple standalone will can provide instructions for distributing your assets directly to your heirs, which will be carried out by your executor in probate. Without a will, your assets would be distributed under the default rules set by state law, known as “intestate succession.”
A Las Vegas trusts and estates attorney can help you determine which documents are necessary for your unique situation and ensure that your estate plan is comprehensive and properly structured.”
It is essential to have an estate plan when you are preparing for the life your loved ones will face after your passing. Whether you possess substantial wealth or a have a modest sized estate, your loved ones could be forced to contend with challenging and otherwise avoidable legal processes like probate if you do not formally establish an estate plan.
In the absence of these critical legal documents, the distribution of your assets upon your death could also look very different than what you would have wished. A Las Vegas trusts and estates attorney can help save you time and energy while creating the estate plan that properly addresses all your concerns and desires regarding the distribution of your estate. We can help you take this crucial step to secure your assets for your family and give you peace of mind for the future.
If you have questions about establishing a trust or any other aspects of an estate plan, do not hesitate to reach out to our office today. One of our attorneys can review your specific legal situation and get you on the path to securing your legacy.