Are there other advantages to a trust besides avoiding Nevada probate?
Yes, it’s important to realize that your assets can be tied up in court in two ways. One is through probate, after you die, the other is through guardianship, while you are still living but deemed to be incapacitated. Your trust helps you avoid not only probate, but also guardianship. In addition, your trust can ensure that your beneficiaries receive what they are entitled to, without everything you own being turned into liquid cash! Let’s face it, not every beneficiary may be ready to inherit the assets and the responsibility of those assets. With a trust, you can set up “structured distribution” or hold the assets in trust until they reach the appropriate age to manage their financial windfall.
A trust is a simply a will substitute. In other words, it is a method of providing for the distribution of your estate upon your passing. You transfer ownership of your assets into you trust and they are controlled by a “trustee.” During your lifetime, you serve as the trustee and determine how your trust estate is used. Upon your incapacity or death, a “successor trustee” nominated by you in the trust agreement will ensure your wishes are carried out.