The revocable living trust may offer advantages other than the potential costs savings in avoiding the probate process. Your will and the assets or the amount it disposes of may be a matter of public record. There are a number of reasons you may wish to maintain confidentiality with respect to the nature of dispositions made at death and/or the nature of your assets. For example, confidentiality may be appropriate when structuring distributions to address a beneficiary with an addiction issue or a beneficiary who is subject to the influence of less than desirable acquaintances. In addition, you may desire to keep private the distribution of your estate which reflects certain family dynamics.
A revocable trust is more likely to achieve confidentiality, although the court may require a disclosure of the terms of the revocable trust and the assets it holds. Nonetheless, overall, the probability of the confidentiality being maintained is almost always greater with a revocable trust rather than with a will. Upon demand by a beneficiary pursuant to NRS 165.141 who is entitled to receive an account, a trustee must provide a copy of the trust document to that beneficiary except as expressly provided otherwise in the trust instrument. However, any person demanding a copy of the trust agreement who is not identified as a beneficiary has no such right. Moreover, even if the person is a beneficiary of the trust, while you are alive, they are not entitled to a copy of the trust agreement or an account. NRS 165.147.
Drizin Law is providing this legal update for educational purposes only. This article should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created. The laws affecting you may differ, depending on the circumstances. You should consult with a qualified attorney concerning your particular situation and any specific legal questions you may have.