Looking for help with your Las Vegas Wills and Trusts? When it comes to the future, we all want to be prepared. Part of preparing for the future includes purchasing life insurance policies to ensure that your family is taken care of after your death. But if you’re unsure how else to prepare for the future, an attorney specializing in wills and trusts can help you prepare for the unknown.
Las Vegas wills and trusts both serve as vehicles to help you protect your assets and provide for your loved ones or other beneficiaries. There are differences between wills and trusts, however, and understanding the details – and benefits – of both can help you understand the importance of creating them.
What is a will?
A will is a legal document that allows you to name who will inherit your assets and property after your death. A will can also name the legal guardian of your children in the event that you die before they are of age. If you have a will in place, your estate will go into probate when you die. Probate is the process by which an executor of a will distributes your assets in accordance to your documented wishes. This process can be lengthy, and often takes the better part of a year to complete.
Last Will vs. Living Will
When you create a will, it could be either a last will or a living will. A last will is what will be used to distribute your assets and property to your chosen beneficiaries, as well as outlining last wishes, like who will be the legal guardian of your surviving minor children. A last will is important if you do not want the courts to make major decisions like these for you.
A living will, on the other hand, allows you to specify certain wishes that you’d like to be observed in the event that you become incapacitated or cannot make decisions for yourself. These often include healthcare decisions, like whether or not you want to remain on life support and for how long. A living will usually stipulates who should have medical power of attorney when and if you are unable to make health-related decisions.
What is a trust?
A trust establishes a separate legal entity that protects your property and assets from probate and taxes. Trust can be established while you’re alive (called a “living trust”), or upon your death if you have requested this in your will. If you’re not sure how best to establish your trust, an experienced estate attorney can help you determine how best to protect your assets.
A living trust transfers property and assets to beneficiaries without requiring that it goes to probate. This is beneficial because probate is typically a long process and can also be very costly. A living trust often includes some of the details of a last will, like the names of desired legal guardians for minor children. When you establish a living trust, you retain control of the trust until your death, whereupon your named trustee will control the distribution of the assets. Another benefit of forming a living trust is that the details of your finances and assets will not become a matter of public record upon your death.
Las Vegas Wills and Trusts Attorney
When it comes to your future, protecting your property, assets and your family is an important step in preparing for the unknown. An experienced Las Vegas Wills and Trusts attorney, like those at Throne & Hauser, can help you determine how best to protect what matters most.