So What is a Living Trust?
A living trust is a means of managing your estate plan while you are alive. Like all trust funds, a living trust identifies how to distribute assets within the trust after the owner dies. Nearly anything of value can be placed into a living trust. Here are some examples of assets our clients typically include in their living trusts:
- Real Estate
- Bank accounts
- Fine art and jewelry
- Interests in businesses
When the grantor (owner of the assets) creates a living trust, she or he is transferring the ownership of their assets to the trust. From that point forward, the living trust owns those assets, not the grantor. The items collectively form a trust fund.
The grantor identifies a “trustee” in the trust document. This person follows the instructions in the trust document following the grantor’s death. For instance, the grantor’s full inheritance may go to a spouse or a child. It may have special conditions that must be met before her or his beneficiaries receive items from the trust fund too.
A living trust offers several benefits to managing your estate. First, it saves your family time and money during probate. Second, a living trust is less likely to be challenged in court following the grantor’s passing. Third, a living trust is private. The details of your estate plan are not shared on the public record like a will is.
Let the lawyers at Carlson & Work help you with your Estate Planning
Creating a living trust takes planning and precision. A Nevada estate lawyer can help you determine which assets are best suited to go into a living trust. An attorney at Carlson & Work can draft or amend your living trust and represent you in court if any issues arise with your estate plan.