A living trust is a legal document that is prepared to help describe how your assets should be placed in a trust during your lifetime before they are transferred to the intended beneficiaries when you die. It is you who choose successor trustee to help in the transfer of the assets to the beneficiaries. The main difference between a will and living trust is that the former takes care of distribution of assets when you die unlike the latter that takes effect when you are still alive. With a good Real Estate Planning Las Vegas NV, you can define the living trust and the beneficiaries to avoid probate. Here are the top benefits of having a living trust prepared by an attorney:
* Avoid probate: It will take more time if the distribution of assets has to be done through probate process. It might take months or years before the entire process is completed. Even a valid will means that a probate has to be conducted to distribute assets to the right beneficiaries. You can avoid the probate process by creating a living trust. The successor trustee distributes assets and pays debts according to the instructions you have given in the living trust legal document.
* Could save you money: Avoiding the court when it comes to the process of distributing wealth saves you time and money spent in court procedures. In the event that someone contests the validity and provisions of asset distribution, a living trust can hold up better than a will. When a living trust is prepared with the help of lawyers experienced in Real Estate Planning Las Vegas NV, you do away with many problems that might occur when you pass away.
* Provides privacy: Upon your death, a living trust allows the distribution of assets to be made in private. All the transactions do not go public when you have a living trust. Besides, if you have a property that is outside the state, it may not have to go through the probate process in that state.
Real Estate Planning Las Vegas NV provides you with a legal framework and documentation that help in distributing your assets to the right people appropriately as you wished. Grant Morris Dodds has handled real estate planning for many years and understands the ins and outs that ordinary people may not know about them. You can visit website at to know more.
