What is a Revocable Living Trust? Learn More From the Estate Planners at Stone Law Offices
Las Vegas, United States - September 19, 2023 / Stone Law Offices /
Let’s be honest. No one wants to think about death. It’s morbid and frightening. However, making arrangements for the disposition of your assets upon your passing is crucial to the continued welfare of your family after you’re gone. One of the best ways to do this is by establishing a revocable living trust, which will allow your beneficiaries to access their inheritance without having to go through probate. At Stone Law Offices, we make the process of creating a revocable living trust in Las Vegas, NV, easy. Call us today to schedule a consultation.
What Is a Revocable Living Trust?
A revocable living trust allows a person to transfer their assets, including the titles to those assets, to their beneficiaries during their lifetime. Different from a will, a revocable trust is not subject to Nevada's lengthy, expensive, and complicated probate process. Your beneficiaries will be able to access their inherited assets in a much shorter timeframe and won’t have to suffer financially while they wait for your estate to go through administration.
When you set up a revocable living trust, you can move a variety of assets to the trust to be held for your beneficiaries. This includes
- Real estate
- Stocks, bonds, and annuities
- Non-retirement accounts, including mutual funds and brokerage accounts
- Safe-deposit boxes
- Collectible vehicles
- Personal property, such as jewelry, artwork, and other high-value items
Keep in mind that certain assets cannot be transferred to a living trust, including active bank accounts you are currently using, retirement accounts, and health savings accounts. However, you can name your living trust as the beneficiary of these accounts upon your death.
Can You Use Your Assets Once You Transfer Them?
When you set up a revocable living trust, you give ownership of your assets to the trust but still retain control over those assets. You can use those assets, alter them, or even dispose of them. For instance, most people who set up a revocable living trust transfer their property title to the trust. However, they still have the right to live in the home, remodel it as they see fit, or even sell it.
One of the key advantages of a revocable living trust is that it’s not set in stone. You have the right to modify any of the terms of the trust whenever you choose or even revoke it entirely. Most grantors of revocable trusts name themselves as the trustee or co-trustee along with their spouse. When one spouse dies, the other takes over as sole trustee and has the same rights over the trust as they did when their spouse was alive.
Why Choose Stone Law Offices?
With 30 years of estate planning experience, the Stone Law Offices team can help you create a trust that protects your family’s best interests. We offer customized estate plans, asset transfer, and protection, and the establishment of revocable living trusts in Las Vegas, NV. Call today to schedule a consultation and enjoy the peace of mind of knowing that your family will always be cared for, even after you’re gone.
Stone Law Offices
8970 W Cheyenne Ave #110
Las Vegas, NV 89129
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