Sunday, May 12, 2013

Living Trusts, Pour-Over Wills, What Does All Of This Mean?

Living in the great state of Nevada gives you many advantages. One of the most well known advantages that most people are familiar with is that Nevada doesn't have a personal tax. For this reason alone many people have moved to Nevada to retire. Of course the dry climate and the many competitive golf courses are nice as well. But the advantages of calling Nevada home don't stop there. Nevada also has many laws in place to protect ones estate.

You have heard of a last will and testament before. Upon the death of the testator the person appointed to act as the administrator will read the will and distribute assets laid out in the will in accordance with the wishes of the testator. What you probably didn't know is that there is more than one type of will. We will focus on the Pour-over Will and how it can help your loved ones to avoid probate.

With a pour-over will you can set up a living trust that may, or may not, contain all of your property. Perhaps you are not ready to commit to including certain property or assets into your living trust. By having a pour-over will you can specify that certain assets pour-over into the previously created trust so they will avoid probate and be dispersed as outlined in your trust.

Some see setting up a trust a waste of money. It has to be maintained throughout the years while you are still alive and that can cost more money on top of the initial setup costs. The alternative though is to have all of your loved ones hire probate attorneys and hash it out with the courts. You would be surprised at how many families have in fighting because a proper trust didn't set forth a clear cut plan for how your assets will be transferred to your heirs.

The state of Nevada has created many different protections you can use to your benefit. All it takes is a little bit of planning up front to secure your legacy for generations to come. Find more intuitive ways to keep your assets and your family protected in the event of your demise with this guide to living revocable trusts. Take advantage of all that Nevada has made available to you by contacting a Las Vegas Lawyer who can help you.

No comments:

Post a Comment