Living Trusts

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A living trust is an estate planning tool that can help family members and beneficiaries avoid a lengthy, public, complex, and sometimes costly, probate process.

A living trust takes the form of a legal document that lays out the terms of the trust and the assets that the grantor assigns to it. The grantor is the individual who establishes the trust and transfers their assets to it. The trustee is designated by the grantor as the individual or entity who, at a certain point, will control those assets for the benefit of the beneficiaries. The grantor is usually the initial trustee of his or her living trust, while a successor trustee is designated to take over the position after the grantor or grantors die.

Trusts in general can be either revocable or irrevocable, which differ in terms of tax treatment and flexibility. Revocable living trusts can be changed or revoked by the grantor at any time, while irrevocable trusts cannot be changed or revoked once they are established. There are benefits to creating an irrevocable trust which can be explained to you by your attorney.

Living trusts can be used to manage a wide range of assets, including real estate, financial accounts, personal property, and business interests. They can also be used to provide for minor children, individuals with special needs, or pets.

Living trusts can be a good alternative to a will because they bypass the probate process, which can be lengthy and costly. However, they can be more expensive to set up than a will.

If you are considering a living trust, it’s important to consult with an experienced estate planning attorney who can help you understand your legal rights and options. At Pearson Law, we have extensive experience in handling living trust cases in Nevada. Our team of skilled attorneys has a deep understanding of the legal issues involved in these cases, and we are dedicated to helping our clients achieve their goals and protect their rights.

Contact us today to schedule a consultation and learn how we can help you with your living trust.