Living Trust Las Vegas

Secure Your Family's Future with a Customized Living Trust

A living trust is one of the most powerful tools in estate planning, offering a way to manage your assets and protect your loved ones. At Fales Law, our experienced estate planning attorneys in Las Vegas are here to guide you through every step of creating a living trust that fits your needs and helps avoid probate. Whether you’re looking to set up a revocable living trust or need assistance updating an existing one, our firm ensures that your assets are protected, your family is cared for, and the complexities of probate are avoided.

Fales Law has over 20 years of experience helping hardworking individuals and families secure their future. With our expertise, you’ll retain complete control over your assets while ensuring that everything is distributed smoothly to your beneficiaries without unnecessary court involvement.

What Is a Living Trust?

A living trust is a legal document that holds your assets for your benefit during your lifetime and directs how those assets will be distributed after your death. By creating a properly drafted trust, you can protect your assets, avoid probate, and ensure your wishes are carried out smoothly.

At Fales Law, we specialize in setting up both revocable and irrevocable living trusts. A revocable living trust allows you to retain control over your assets and modify the trust as needed during your lifetime. On the other hand, an irrevocable trust can offer additional protections, such as shielding your estate from creditors or estate taxes.

Our Services Include:

Drafting new revocable and irrevocable trusts
Updating existing trusts to ensure they are properly funded
Providing a complete living trust package
Transferring assets into the trust, including retirement accounts and real estate

Why Set Up a Living Trust in Las Vegas?

Nevada is a favorable state for estate planning due to its asset protection laws and absence of state estate tax. Setting up a living trust helps you bypass the probate process, which can be time-consuming and costly.

Advantages of a Living Trust:

Avoid Probate: Assets held in a living trust do not go through probate, saving your family time and money.
Retain Complete Control: With a revocable living trust, you maintain control over your assets and can make changes as your life circumstances evolve.
Tax Benefits: Properly setting up your trust can minimize estate taxes and protect your wealth for future generations.
Asset Protection: Shield your assets from creditors and legal disputes.

At Fales Law, our attorneys are well-versed in Nevada estate law and ensure your living trust is tailored to your unique needs.

The Estate Planning Process at Fales Law

Estate planning can seem overwhelming, but our experienced attorneys make the process seamless and straightforward. From drafting a living trust to naming beneficiaries and successor trustees, Fales Law will help you every step of the way.

Our Process Includes:

Initial consultation to discuss your needs and goals
Drafting a living trust that suits your personal and financial situation
Transferring assets such as property, retirement accounts, and bank accounts into the trust
Ensuring all necessary documents are properly signed and notarized
Ongoing support to update your trust as needed

What Is a Revocable Living Trust?

A revocable living trust is a flexible estate planning tool that allows you to make changes or revoke the trust during your lifetime. It offers privacy, avoids probate, and can help with managing assets if you become incapacitated.

Key Benefits of a Revocable Trust:

Complete Control: Modify or revoke the trust as your situation changes.
Avoid Probate: Upon your death, assets in the trust pass directly to your named beneficiaries without court involvement.
Incapacity Planning: If you are unable to manage your affairs, the trust provides for a successor trustee to take over management of your assets.

Common Living Trust Mistakes to Avoid

Many people create a living trust but fail to properly fund it, which can cause complications down the road. At Fales Law, we ensure that all of your assets, including real estate, retirement accounts, and other investments, are correctly transferred into your trust.

Avoid These Common Pitfalls:

Failing to transfer assets into the trust.
Not updating beneficiary designations.
Choosing the Wrong Successor Trustee.
Neglecting to update the trust as your life circumstances change.

Naming a Successor Trustee

A successor trustee is the person you designate to manage your trust in the event of your death or incapacity. This individual will have the responsibility of distributing your assets according to your wishes and handling any estate-related matters.

At Fales Law, we help you choose a successor trustee who will act in the best interests of your beneficiaries and ensure that your estate plan is carried out effectively.

Avoiding Probate with a Living Trust

Probate is the court-supervised process of distributing a deceased person’s estate, which can be time-consuming and costly. By setting up a living trust, you can bypass probate, ensuring your family has immediate access to your assets.

Without a properly funded trust, assets may be subject to “double probate,” where even assets intended to avoid probate must go through the court system. Fales Law helps ensure all your assets are transferred into your trust, protecting your family from unnecessary legal hurdles.

Common Questions

Frequently
Asked Questions

What assets should I put in my living trust?

You can place a wide variety of assets in your living trust, including real estate, bank accounts, investments, and retirement accounts. We will guide you through transferring each asset into your trust.

Do I still need a will if I have a living trust?

Yes. A pour-over will ensure that any assets not included in your trust are transferred upon your death, preventing them from going through probate.

How often should I update my living trust?

We recommend reviewing your trust every few years or after any significant life event, such as marriage, divorce, or the birth of a child.

Can I change my living trust after it's created?

If you have a revocable living trust, you can make changes or revoke it entirely during your lifetime.

What is the difference between a revocable and irrevocable trust?

A revocable trust allows you to make changes, while an irrevocable trust offers greater asset protection but cannot be easily modified.

I want to help
hardworking Americans

like you avoid probate and protect their families.

80%

Living Trusts are Outdated
(Internal Data)

7%

The percent of your assets that could go to Probate Fees

Contact the Law Offices of Gary L. Fales – Living Trust Attorneys in Las Vegas

Protect your family and secure your assets with a properly drafted living trust. Fales Law’s expert attorneys are here to help you create or update your living trust, avoiding probate and ensuring that your estate plan is executed according to your wishes.