Wills And Trust Lawyer Las Vegas Wills Vs. Trusts
Why should I have a will or trust in Nevada, won’t my assets just be given to my spouse or children?
- Most people know that probate can transfer assets to heir after you die, but that process in Nevada is expensive and can be quite time-consuming.
- A will has existed for thousands of years and has been the primary instrument to transfer assets to heirs and loved ones. One advantage of a will or trust is that you can transfer assets to persons who are not the natural heirs, friends or charities.
Can’t I just tell someone what I want? Do I need to actually have it committed to writing?
- No, you may not just tell people your wishes as those can be easily misunderstood and can’t be enforced. A witnessed and notarized writing instrument is the most valid method of proving your intentions.
Which should I have, a will or a trust?
- Although there are standard presumptions, the real answer is it depends upon what assets you have, and who are your heirs. If you are without any real property or major assets with a few heirs, then a will may suffice. In most instances, if you have at least a house and some retirement assets, a living trust and in some instances other trusts, are advisable to ease transition after you die but also to aid in the management and administration of your estate while you are alive.
Can I change my will or trust?
- Wills and trusts are revocable and revisable. That means as your life changes, you may amend or change your successors as well as your heirs. Parents who become grandparents often change what they give to their children and provide for grandchildren as needs and circumstances change. These instruments are both planning and management of current activities and assets as well as disaster and insurance for your loved ones.
Don’t I just make a will and never change it?
- Many people make one or two, but that’s really not realistic over a lifetime and many younger people are making wills and trust to take care of their assets and loved ones in the event of an untimely demise and to marshal their assets for life planning. Just as saving for a raining day or planning for retirement doesn’t happen in one giant step, managing your assets requires regular review and maintenance for achieving the best results as your life evolves.
It’s best to contact our firm to speak directly with one of our Las Vegas Wills and Trust attorneys today to help decide what’s best for you. Please call 702-267-6500 Today.