Asset protection is just one function of trusts
Preserving property for the next generation is one goal of estate planning. For many Nevada residents, a will is not enough to make that happen. Trusts are often used for asset protection, but that is only one of their functions.
Numerous types of trusts can be used in order to pass on your property to your loved ones. One of the most popular is a revocable living trust. It is created and funded during your lifetime. You can serve as the grantor, beneficiary and trustee of the trust during your lifetime. Upon your death, the trust becomes irrevocable and the successor trustee you named in it takes over the administration on behalf of your beneficiary or beneficiaries.
In addition to holding assets, the trust can also specify how and when distributions are made. This can be especially useful if a beneficiary is a minor child to whom distributions can be made at certain milestone events or ages in order to ensure that he or she receives the maximum benefit from the trust. The same can be done for an adult family member who is unable to handle financial matters for a variety of reasons. Furthermore, the trust can protect its assets from taxation, creditors and ex-spouses.
Even if your primary motivation behind creating a trust is asset protection, it can still be drafted to provide additional benefits. You should discuss your circumstances and desires with a Nevada estate planning attorney who can then make recommendations to you based on those needs. Due to the variety of trusts available, it is likely that one can be found to satisfy most, if not all, of your goals.