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  • Writer's pictureSarah Morris Ocampo

Does A Revocable Trust Avoid Probate In Nevada?

Updated: Jun 20


One of the most commonly asked questions regarding estate planning is whether a revocable trust can help avoid probate. The straightforward answer is maybe. 


This blog post will discuss what you need to know to maximize the effectiveness of a revocable trust and ensure that it helps you avoid the lengthy and often stressful probate process.



What is a Revocable Trust?


A revocable trust, often called a living trust, is a legal document allowing you to place your assets into a trust during your lifetime. You retain control over these assets and can modify or revoke the trust anytime.


The primary goal of a revocable trust is to manage your assets efficiently and ensure that they are distributed according to your wishes upon your death.


The Key to Avoiding Probate: Funding Your Trust


More than simply setting up a revocable trust is required to avoid probate. The critical factor is ensuring that your trust is fully funded. 


To keep your assets out of probate, you must transfer ownership of these assets to the trust during your lifetime. This means you must retitle your assets in the name of the trust and/or name the trust as the beneficiary.


Common Mistakes: Forgetting to Fund Your Trust


One common mistake is setting up a trust but failing to transfer all your assets. If you forget to place certain assets in your trust before you die, they may still be subject to probate.


While these assets can theoretically be transferred to the trust after your death, this may require a court order from the probate court, precisely what you hoped to avoid.


Please note not all of your assets may be best suited to put in the trust.  You need to consult legal counsel if you have any questions.


The Benefits of a Fully Funded Trust


A fully funded revocable trust offers several benefits. First and foremost, it helps your heirs avoid probate, saving them time and money. 


Additionally, a trust can provide privacy since probate proceedings are public records, whereas the terms of a trust can remain private. Trusts can also help manage your assets if you become incapacitated, as the successor trustee can step in to manage the trust property on your behalf.


Conclusion


In summary, a revocable trust can help you avoid probate, but only if fully funded during your lifetime. By transferring ownership of all your assets into the trust, you can provide a smoother transition for your loved ones and ensure that your wishes are carried out seamlessly. 


By understanding the importance of fully funding your revocable trust, you can take proactive steps to protect your assets and provide peace of mind for yourself and your loved ones.


Don't wait—start planning today!


For those living in Las Vegas, Sarah Ocampo, a local estate planning, probate, and business lawyer, offers complimentary phone consultations. You can book directly by calling her office or scheduling online. 


Explore expert legal guidance at Ocampo Wiseman Law. Whether you need assistance with probate, estate planning, or trust administration, our team is here to help. Contact us today to discuss your legal needs.

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