A trust is a legal arrangement where a “trustee” holds and manages assets for the benefit of designated “beneficiaries.” Trust administration involves the trustee managing these assets according to the terms of the trust document. Unlike probate, a properly funded trust generally avoids the public and often lengthy court process of probate. Our Las Vegas probate attorneys at Simplifying Probate assist trustees and beneficiaries with all aspects of Nevada trust administration.
Why Choose Us at Simplifying Probate?
The team at Simplifying Probate has extensive experience helping individuals with estate planning. We understand the laws governing Nevada wills and trusts, including how to protect your assets and lower tax burdens.
Our team of attorneys brings more than three decades of combined legal experience, enabling us to support your estate planning goals and ensure your wishes are carried out as directed when you’re no longer here. We take a client-centered approach and always work to reduce probate delays and support your beneficiaries in accessing the appropriate assets as quickly as possible.
Why You Need a Trust Administration Attorney in Las Vegas
When you have valuable assets to leave behind for your loved ones, it is essential to have a plan in place. Many websites offer DIY estate planning packages or services, but when you don’t have a trust administration attorney, important details can slip through the cracks, leaving your loved ones to deal with the fallout.
A Las Vegas trust administration attorney from simplifying probate can help you and your trustees or beneficiaries with:
- Understanding and interpreting the trust document.
- Identifying and managing trust assets.
- Preparing accountings and providing information to beneficiaries.
- Fulfilling fiduciary duties, such as acting in the best interests of the beneficiaries.
- Distributing trust assets according to the trust terms.
- Navigating Nevada trust law and ensuring compliance.
Mistakes or misunderstandings in any of the above-mentioned areas can leave your loved ones to face unnecessary tax burdens or require your estate to be processed in probate. Furthermore, a trust administration attorney can provide guidance as an impartial third party, enabling them to manage your trust according to your wishes and without emotional influence from complex family dynamics.
Who Should I Name as My Trustee?
Determining who to name as a trustee is one of the more important decisions you can make in estate planning. Most people will have a few options regarding who to choose. The right decision will depend on each person’s situation. Professional trustees may come with higher costs, while personal trustees may be more susceptible to the emotions and family dynamics after your passing.
Personal Trustee
Many people will choose a spouse, adult child, or close friend to work as their trustee. If you are choosing a personal trustee, it is essential to select someone who can communicate clearly and effectively, understands your wishes, and is able to execute them without being influenced by other family members or loved ones.
Corporate Trustee
A corporate trustee is a neutral third party that works for a financial institution, law firm, or other corporate entity, managing trusts on behalf of its clients. When you choose a corporate trustee, you are paying for the experience and neutrality they offer. A corporate trustee is a third-party entity that can manage your trust with impartiality and extensive experience.
Combination Trustees
You may choose to designate more than one trustee. When you choose a corporate and personal designee, they operate as co-trustees, where the individual can provide the personal insight while the corporate trustee can ensure that administration is done according to estate planning and tax law.
Contact Our Las Vegas Trust Administration Lawyers Today
We provide guidance and support to trustees to ensure they understand their responsibilities and comply with Nevada law. In addition, we can represent beneficiaries to ensure their rights are protected and the trust is being administered properly. Working with an attorney can ease unnecessary burden or confusion for your loved ones. Call our Las Vegas trust administration lawyers at (702) 800-8354 or contact us online for a free consultation.