Nevada Trusts | Avoid Probate with Jordan FlakeBy Jordan Flake

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 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. Here are some frequently asked questions about Nevada trusts:

Shouldn’t I wait until I am old to create an estate plan?

No. There’s no reason to wait. A trust provides peace of mind and protection now, and can be amended if your circumstances change.

Will I lose control of my property if I 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.

I’m not rich. 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. 

I have a will. Isn’t that enough?

No. In fact, a will requires probate. A trust can avoid probate altogether and allows your assets to pass privately and without court interference.

What happens after I form a trust? Do I have to do anything else?

Not unless you want to. A trust can sit for decades and only become operative after the person who formed it passed. However, if you have significant life changes such as a marriage, new home, new child, divorce, or loved one passing, you should consult with Jordan about making sure your trust fits your circumstances.
 

What happens if I am incapacitated and unable to make decisions for myself?

A will only takes effect after death. That’s why every trust 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.