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A Guide to Creating a Nevada Revocable Living Trust
When setting up your estate plan, creating a revocable living trust is one of the most critical steps. A living trust is a legal document that allows you to specify how your assets should be managed after death.
The trustor who creates the trust can select a trustee to handle the trust's assets. The trustee manages, invests, and distributes assets according to the trustor's instructions. The trustor can also decide who will receive the assets when the trust is dissolved and how those assets should be divided.
What's in a Nevada Revocable Living Trust Form?
A revocable living trust form in Nevada must include specific information, which includes:
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The trustor's name, address, and social security number
The trustee's name, address, and contact information
A list of the trustor's assets
The trustor's instructions on how the trustee should manage and distribute assets
The document's effective date
Any provisions for taxes due on trust assets
Any provisions for the trustor's medical care and end-of-life wishes
A signature page that has been notarized
Why Do I Need a Living Trust in Nevada?
Creating a living trust in Nevada is an important decision that comes with endless benefits:
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Avoiding probate.
Protecting your assets
Keeping your financial affairs private.
Additionally, in the event of incapacitation, the trust can specify a guardian for minor children and provide instructions on how assets should be managed in case of disability or death.
If you pass away without a living trust, your estate may be subject to probate, where assets are divided according to state law. In Nevada, probate can take up to a year and a half, so it's best to have your estate plan in place before the unexpected occurs.
It is also crucial to note that Nevada is one of those states that has not adopted the Uniform Probate Code. This means the probate process is more complex, making a living trust a perfect tool to avoid this hassle.
If not, then your inheritors will use the simplified probate process for small estates to claim the property.
Are Wills Still Necessary in Nevada If I Create a Living Trust?
Even if you create a living trust, having a will in place is still essential. While the living trust governs asset management and distribution, the will provides instructions on how any remaining assets should be handled after the trust is dissolved.
Additionally, a will can be used to appoint guardians for minor children, revoke any prior wills, and determine who will manage the estate.
If you don't have a will, any property not transferred by your living trust or other means (like joint tenancy) will go to your closest relatives as decided by Nevada state law.
Will a Living Trust Reduce Estate Taxes?
Not really. Nevada residents don't have to worry about the federal estate tax. The tax levies apply only to estates worth $12 million and above; most people don't fall in this category.
How to Create a Revocable Living Trust in Nevada?
Creating a revocable living trust in Nevada is simple. Get started using the free printable revocable living trust form, which outlines the necessary information for setting up a trust in Nevada. After filling out the form, it must be signed by a notary public and two witnesses.
Once you have completed the form, it's important to adequately fund the trust by transferring assets into it. This can be done through a deed, title change, or other legal documents that specify the trustor's intent to transfer the asset to the trust.
After completing these steps, your revocable living trust in Nevada is officially established. You can now use the trust for managing and distributing assets according to your wishes.
Are you looking to create a Nevada living trust online? Forms.legal is the perfect place to begin, and take advantage of our free printable templates to make your living trust hassle-free.