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Trusts can help create legacies

by | Aug 7, 2021 | Wills & Trusts

Estate plans can have benefits than span generations. Of course, in order for these benefits to come into play, these plans must be created properly and with the future in mind. For some people, creating a generational legacy is not something that they are interested in using their plans for, which is an acceptable personal preference. However, for those Nevada residents who want to ensure that their assets last, creating trusts may be a viable option to consider. 

As with most types of estate planning tools, trusts come in various forms and can have differing uses. These differences make it much easier for individuals to create a plan that meets their specific needs and wishes. For example, a person who has a special needs loved one who uses government benefits may find creating a special needs trust useful for bequeathing assets without putting those government benefits at risk. 

A few other types of trusts that could help individuals extend the life of their assets through the current and future generations include: 

  • Testamentary trust to protect assets before the intended beneficiary can receive them, particularly if the beneficiary is a minor 
  • Charitable remainder trust to donate the remainder of an estate to charity, which could prove beneficial for years to come depending on how the charitable organization utilizes the funds 
  • Education trusts that indicate that the assets should be used for educational purposes only, such as college tuition, books, room and board, and so on 
  • Life insurance trust to receive a life insurance payout so that the funds do not go directly to the intended beneficiary 

Trusts can also be tailored to fit the specific wishes of the person creating them. For example, if an individual wants a beneficiary to receive assets from a trust only after he or she has reached a certain age, completed school or met another stipulation, that is possible. Thoroughly reviewing these options could help Nevada residents create a plan that could help them craft the legacy they desire.