When you utilize a living trust to plan your final wishes the distributions of your assets will take place outside the probate process. This process is often avoided because of three major factors: it is time-consuming, it can be expensive, and it is an open proceeding that provides a forum for those who may want to challenge your will.
A revocable living trust gives you the power to control the funds while you are still alive, and because the trust is indeed revocable you can make changes or dissolve it entirely if you want to at any time. Plus, you could cover all your bases by including an incapacity component that names a disability trustee who would manage your affairs in the event of your incapacity.
Executing the trust agreement is one thing, but you also must consider the hands-on tasks involved in on-going trust administration. We have put together a valuable free report that explains trust administration in detail. We urge you to arrange for the download information to be sent you right now. To obtain this report simply click this link and complete the form that you will see on the right of the page:
Nevada Trust Administration
After you read the report we invite you to contact us for a free consultation. You can do so by clicking this link: Reno Estate Planning Consultation
Part of the estate planning process involves the execution of documents that direct the transfer of assets to your heirs after you pass away. Most people will use either a will or a trust to accomplish this.
Making sure that you have legally binding documents in place is absolutely essential. However, when you are working with an estate planning lawyer to draw up these documents you should consider the matter of postmortem planning as well.
A document can't get up off the desk and take action. The will or the trust is going to provide instructions, but you must also arrange for human beings to make your wishes become a reality after you pass away.
Individuals who express their wishes through the execution of a will must understand the fact that the estate will be passing through the probate process. Your family may not have any any idea how probate works. At least the executor that you chose should have some understanding of the probate process.
A wise course of action may be to make arrangements for the attorney who assists you as you are drawing up your will to act as the probate attorney after your death.
The same thing is true of trust administration. You should instruct your trustee to speak with your attorney about administering the trust upon your incapcity or death. This will help ensure that your fiduciaries will have the legal support that they need to carry out your estate plans for the benefit of your loved ones.