A Guide to Setting Up a Trust—How to Set Up a Trust

Diagram of Estate Planning

Setting up a trust is an excellent way to manage your assets in the unfortunate event of your demise. It is also an effective estate planning solution even while still alive. Generally, setting up a trust is relatively easy by using a digital will service.

However, the more complex trusts are not as straightforward and often appear complicated. Setting up more complex trusts requires an expert attorney to help avoid costly errors. Are you planning on setting up a family trust in Nevada? Below is an expert guide on setting up a trust and how Battlefront Legal can help you.

What is the Difference Between Trusts and Wills?

Often used interchangeably, these terms vary greatly yet still functional as practical estate planning tools. On the one hand, a will is a legally enforceable document stipulating how you want your assets distributed and affairs handled when you die. It is an important aspect of estate planning. While it is possible to create a will digitally, it is advisable to seek legal counsel from an attorney for a smooth and effective will-drafting.

On the other hand, a trust is a fiduciary relationship where you grant another party authority to hold your assets for a 3rd party, typically the beneficiary. Individuals use trusts to manage property during life or after their untimely demise.

Why You Need to Set Up A Trust

A common misconception when setting up a family trust is that it is only for the wealthy. However, regardless of your social or financial status, you are eligible to set up a trust, provided you own assets that you need to be managed when you're not around. Here are the benefits of setting up a family trust as early as now with the aid of an expert trust attorney:

  • Protect particular assets against creditors and claims. This may include securing your home against the potential failure of business ventures

  • Managing the risks of unwarranted claims on your estate upon your passing, for example, by a former lover

  • Ensure your kids (exempting their partners) keep their inheritance

  • Set aside funds for special occasions or reasons, such as your kids' education.

Generally, setting up trusts helps you avoid the probate process, which is the process that a will goes through to be verified and distributed accordingly. Additionally, trusts may provide tax benefits, especially revocable trusts.

Setting Up A Family Trust

Drafting a will and setting up trusts as part of estate planning is easy, provided you have the right attorney. A trust attorney can customize a trust to your needs to reduce friction. However, before you consider setting up a family trust, here are a few things you should keep in mind:

  • Find out about every asset you own

  • Then decide who you want in the trust as a trustee and as a beneficiary

  • Hire a top-notch estate planning attorney to help draft any paperwork

  • Consult with the attorney extensively, including any and every restriction

  • The final step is to transfer your assets into the trust.

Bottom Line

Hiring an attorney to set up a trust is easier and reduces error on your side. It is important to ensure your trust is recognized by law, and there is a slight chance you may miss such details when setting up a family trust independently. Contact Battlefront Legal today to help you set up your trust. We gladly operate in Las Vegas and Reno, Nevada.

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