Wills vs. trusts: Which Nevada estate planning method is best?
For the average person, estate planning is probably fairly confusing upfront. With so many options to choose from, it can be hard to determine what choices are best. From revocable and irrevocable trusts to asset protection to wills and heirs, the advice of an experienced Nevada estate planning attorney can prove invaluable.
For many, one of the biggest estate planning decisions will be whether to simply prepare a will or to establish a trust. In the past, people often felt the need to establish a trust in an attempt to avoid probate and maintain some level of privacy, even after death. However, with changes over the last few years, this is no longer necessarily the case.
When it comes right down to it, wills are cheaper and less complicated than trusts. Revocable trusts — also known as living trusts — require the trustor to transfer all assets to the trust; if even one asset is forgotten, probate will more than likely still be required. Additionally, probate for wills used to necessitate the preparation of an inventory listing all assets and their values. This inventory was then filed with the court after death. While the estate executor is still required to prepare an inventory, it no longer must be filed with the court, and instead can be presented only to estate beneficiaries in many cases, meaning that the listing of assets now remains private much of the time.
Simply put, in some situations, wills — the cheaper and easier option, for the most part — are the most appropriate choice for many individuals. For others, a trust may be the better option. There is no one-size-fits-all remedy when it comes to estate planning. A Nevada estate planning attorney will be able to help individuals determine which options are best for each unique situation.
Source: houstonchronicle.com, “In Texas, living trusts are more complicated than traditional wills“, Ronald Lipman, June 10, 2017