An important aspect of creating a comprehensive estate plan is identifying the elements that are necessary for the individual situation. While each plan is different, there are certain basic documents that will benefit most Nevada adults, including a will, living will and durable power of attorney. However, there are times when additional estate planning tools may be beneficial, including the creation of a trust.
The benefits of a trust
A trust is an estate planning tool that allows one to set aside and protect assets for a specific use. This is not something that only benefits the wealthy, but it is a practical way for one to ensure that his or her assets are used appropriately and as directed long into the future. There are different types of trusts, allowing one to accomplish goals that include everything from charitable giving to leaving money for a loved one with special needs.
A trust can also protect assets against the claims of creditors. A trust can be particularly beneficial for those who want to leave assets for minor children, provide for grandchildren, protect children from a previous marriage and more. Trusts are practical additions to many estate plans.
A strong future
A careful look at the specific estate can reveal which type of trust will be most beneficial for the specific situation. This step can be a practical way to have security and peace of mind for the future. Before making any important decisions regarding an estate plan, it may be helpful to first speak with an experienced Nevada estate planning attorney.