After someone dies, the court supervises the transfer of their assets and the settlement of their debts and taxes during a process known as probate. Due to the length and cost of this process in Nevada, many people opt for Trusts or other alternatives to avoid it.
In this article, we will provide a brief overview of probate in Nevada, including how it works, its costs and timeline, and how Trusts can be used to avoid it. Additionally, we will highlight the importance of estate planning and the role of an estate planning lawyer in helping individuals protect their assets and plan for their legacy.
What Is a Trust?
A TRUST is a legal arrangement specifying the management and distribution of a person’s assets after death. Trusts come in a variety of forms, each with a distinct purpose. The ability to avoid probate is one of the main benefits of a Trust.
Three persons are involved in creating the Trust:
- The person who establishes the Trust and provides the funding for it.
- The person who will manage the Trust.
- The people who will be the beneficiaries of the Trust and receive the Trust’s assets.
A Trust may be amendable or revocable, which implies that the person who created it has the right to do so at any moment.
What Is Probate?
A legal process that follows a person’s death, probate entails the court presiding over the distribution of the decedent’s property and settling any unpaid debts and taxes. The process starts when the estate’s executor submits a petition to the court, and the court names an executor to manage the procedure.
The executor will gather and inventory the decedent’s assets during probate and settle any outstanding bills and taxes before distributing the remaining assets to the individuals specified in the decedent’s Will. The process is lengthy; it can take years to complete in many situations.
Can a Trust Help Avoid Probate in Nevada?
In Nevada, a Trust can help prevent probate. No court supervision is required because a Trust specifies how a person’s assets will be managed and distributed after death. Instead, the Trustee will oversee the assets and distribute them to the Trust’s designated beneficiaries.
A simple and affordable option to avoid probate is to create Trust. To help you through the process and make sure that your Trust is properly constituted and financed, it is recommended that you speak with an estate planning lawyer.
If you are looking for individualized estate planning and probate services in Nevada, the Bourassa Law Group can help. Our experienced probate attorneys can guide you through the Trust-creation process and help you avoid probate. We offer highly personalized services tailored to your unique needs and goals.
Contact us today at (800)870-8910 for a free consultation, and let us help you protect your assets and ensure that your wishes are carried out after your passing. Don’t leave your estate to chance – Trust the experts at the Bourassa Law Group to help you create a plan that meets your needs and goals.
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