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Benefits of putting a home in a living trust

While no one wants to think about dying, preparing for that day now may make it easier on loved ones left behind. One option for individuals in Nevada or elsewhere to consider is to put their homes into a living trust. While alive, the individual oversees the trust and everything in it. After he or she passes on, the trust and its contents are transferred to the named beneficiaries by the successor trustee.

A living trust is different from a will because there is no need to go through probate. In other words, assets can be distributed without supervision from the court. It may cost anywhere from $1,500 to $5,000 in legal and other fees to complete the trust, but it can save time as probate can take up to a year to complete. Assets in a trust can be distributed within weeks, and the language of the trust will not be made public.

In addition to a primary residence, vacation properties should be placed in a trust as to avoid the potential of going through probate in multiple states. For those who create a living trust, a will may still be an effective part of the estate planning process. It may determine who gets smaller items such as an antique clock or other assets that may have more sentimental value as opposed to financial value.

Those who are interested in creating a living trust may wish to consult with an attorney who can explain the benefits of doing so such as lowering the odds of family disputes or completing asset transfers in a timely manner. An attorney may also be able to help review any existing documents and suggest updates as needed.

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