Making a Living Trust Las Vegas
If you’re interested in estate planning, then a living trust is a fantastic way to account for all of your assets formally and determine how they will be distributed (either during your lifetime or after).
With DoNotPay, creating a revocable living trust is fast and effective. If you live in Nevada, this article will teach you everything you need to know about living trusts and the best ways to create a valid one in your state.
Draw Up a Living Trust in Nevada
There are many ways to go about creating a living trust. Here are some of the approaches which you could take:
Hire an attorney
- Attorneys are more than equipped to draft a living trust, they can also advise you on any questions you might have (for example if you don’t have any family to appoint as a trustee etc.) and tell you where to notarize the document, etc.
- The only downside to hiring an attorney is that the fees are incredibly high. You would have to pay anywhere from $250 to $350 just for an hour of their services. An hour might not even be enough to cover the general details of your case, so this isn’t a great option if you want to save money.
- Here is a list of the best estate planning attorneys near Las Vegas:
Doing it yourself
- Of course, with enough research you could technically write the document on your own. However, this can be time-consuming and tiring.
- Writing the document on your own might also lead to you missing crucial details, like not using the correct language for a revocable trust or an irrevocable trust, or forgetting to include all the required details for each of your beneficiaries.
- Online templates can help you get an idea of the structure required for a living trust.
- It’s important to make sure that the websites from which you are accessing the template are reputable and have some sort of legal knowledge, otherwise they could easily be giving you incorrect information.
- In the end, It’s probably a better idea to have some legal expertise involved when it comes to drafting a living trust so that you don’t make a mistake that could affect its validity.
- By using the DoNotPay you’ll avoid the high attorney fees and the time consuming hassle of researching and understanding living trusts by yourself.
- DoNotPay can create a legally valid revocable trust in just minutes, addressing your state specifically and using the right structure and language.
- Our robot-lawyer has the legal expertise, speed and capacity to help you draft your living trust just by having you answer a couple of questions.
Cons of Creating an Irrevocable Living Trust
|Inflexibility||If you change your mind about important details - such as your trustee or beneficiary - amendments cannot be made.|
|Loss of ownership when it comes to assets||An irrevocable trust leaves little room for flexibility or changes. Therefore, once the document is legalized, you no longer have any authority over the assets within the trust and you lose complete ownership.|
|Having a say in your businesses & finances||If you have active businesses or important financial assets that you want to still have a say over even after creating your living trust, then an irrevocable living trust is not a great option for you.|
Reasons to Choose a Revocable Living Trust Instead
- With a revocable trust, you secure the fate of all your assets without losing ownership or access to any of them.
- In the state of Nevada, a will is public record when it passes through probate, so a revocable living trust helps you retain privacy!
- You can also change your mind at any point and edit any of the details within your living trust. This offers you flexibility throughout your lifetime to accommodate any financial or personal changes that might occur so that your trust properly reflects your wishes.
- A revocable living trust is definitely a better option if you are making your living trust early on in life and don’t want to lose authority over the assets you have earned.
How DoNotPay Can Help You Create a Revocable Trust in Nevada
Just by following these easy steps you can have your very own revocable living trust in a manner of minutes:
- Log-in to DoNotPay
- Find the Revocable Living Trust product
- Tell us which state you live in. In this case, enter “Nevada”
- Answer a couple of questions including:
- Where you live
- A list of your beneficiaries
- The assets you want to distribute
- Provide the state you will get the document notarized in
That’s it! DoNotPay will generate a revocable trust for you. All you need to do is get it notarized to set the deal!
More living trust resources from DoNotPay
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