If you own your home, it should be in a trust. It’s that simple. Otherwise, your loved ones may be faced with the expensive, slow, and uncertain Nevada probate process. Almost every day we have tough conversations with clients about the limited options available to them because a parent or loved one failed to create a trust. We do everything we can to make probate prompt and economical, but it often costs ten times or more what it would cost to set up a trust.
Should You Put Your Home in a Trust if You Aren’t Sure That You Will Live There Forever?
Yes. Once your trust is established, properties can be moved in or out of it as your circumstances change. A home held in a trust can be sold just like any other home. When you purchase a new home, you can request that the title company record it directly into your existing trust. Our office is also happy to assist in ensuring that any real estate you acquire is properly placed in the trust.
Will You Lose Control of Your Property if You Put it in a Trust?
No. We draft trusts so that they are revocable during your life. You maintain total control. You can sell the home, refinance it, or move it out of the trust at any time. The trust only changes how the property is titled, not how you live in or manage your home.
Will it Affect Your Mortgage or Loan if You Put Your Home in a Trust?
Yes, you can place a mortgaged home in a trust, and doing so will not affect your mortgage. Lenders are generally prohibited from altering the terms of your loan based on a transfer of property into a trust.
Isn’t a Trust Just for Wealthy People?
No. If you own a home, a trust is worth it. It is tool to save your family from probate, and to ensure that your wishes are carried out when you die.
Who Should You Select as the Trustee of Your Trust?
Selecting your trustee is one of the most important decisions you will make in creating an estate plan. Your trustee should be someone with good financial management skills, scrupulous honesty, and strong communication skills — someone you trust completely and who you know will take the proper steps when the time comes. We are always available to assist trustees who are administering trusts.
Who Should You Choose as the Beneficiaries of Your Trust?
That is entirely up to you. Most people choose close family members — children, siblings, grandchildren — but some people designate charities or other organizations. We are happy to discuss the options with you and help structure the trust to reflect your wishes.
Do You Have to Do Anything Else After You Form a Trust?
What Happens if You Are Incapacitated and Unable to Make Decisions for Yourself?
A will only takes effect after death. That’s why every estate plan we create also includes a provision for incapacity that allows a trusted person to manage your affairs during the time that you are unable to.
