A trust is a legal entity created when a person, called a settlor, transfers property into a trust to be cared for by a trustee. The trustee holds the property and distributes it for the benefit of third parties defined by the settlor, called beneficiaries. A well-drafted trust may contain rules governing how the trustee may invest or administer the trust property, as well as when and in what amounts the trustee should distribute property to the beneficiaries.
People elect to use trusts as part of their estate plans for many reasons. While property received under a will usually comes in a lump sum, an estate and wills attorney in Las Vegas can craft a trust that distributes income to beneficiaries over a period of time. This can be useful for making gifts to individuals who are unable to responsibly handle the entire sum, including minor children or individuals with special needs. Trusts can continue philanthropy a person performed during life, by continuing to fund charitable pursuits long after the person has died. A trust can even reduce probate costs by reducing the number of transfers the probate court must supervise.
Although a trust can be an important part of an estate plan, having a will is still necessary. While a person can create and fund a trust during his or her life, only a valid will can transfer portions of the probate estate to a trust once the settlor dies. Even if a person intends to have his or her entire estate administered through a trust, a will is still necessary to transfer the contents of the estate to the trust. A Las Vegas wills lawyer understands how wills and trusts work together to form an estate plan. Our attorney has drafted comprehensive estate plans for clients throughout Nevada. Whether you have a simple or complex plan for your estate, a Las Vegas wills and probate attorney with Tyrell Law, PLLC can construct an estate plan that ensures that your property is handled according to your final wishes.
The law firm of Tyrell Law, PLLC provides comprehensive estate planning services to clients throughout Nevada. Our attorney is experienced in every aspect of estate law, including estate planning documents, probate, and will contests. We have offices located at 40 S. Stephanie, Suite 200, Henderson, Nevada 89012 in Las Vegas. Call us at 702-382-2210 or toll free at 1-866-605-5040 to schedule an appointment, or contact us online today.