One of the best ways to protect your assets in the event of your death or incapacity is to draft a Nevada Living Trust information. While this legal document can be drafted by anyone, you may not realize how beneficial it can be to hire a living trust company to do the job for you. Learn more about the benefits of hiring a living trust company here.
1. Administration
The primary benefit of hiring a living trust company is that your living trust will be prepared by accountants, lawyers and other professionals who have the experience and expertise necessary to ensure the success of the document. In most cases, a living trust company can prepare your living trust in a matter of days or at most weeks while a lawyer with little experience can take more than two weeks to do so.
2. Liability
While the trust itself is in place, the property will not belong to you or your living trust company. Thus, if someone was to sue the living trust company for any reason, they would be unable to win because you are protected due to the jurisdiction of the Nevada courts. A living trust company is also unable to be held liable for the acts of any other person, including those who may abuse your assets.
3. Trustee Selection
A living trust company can choose the trustee of your living trust who can manage the assets in your possession, while you remain in charge of all of your decisions. You will not be required to redirect any decisions that the trustee makes, and the trustee’s decisions may not have the force of law.
4. Trustee Protection
The trust company is able to take care of everything regarding trust administration. In addition, you can rest assured that your living trust company has no vested interest in the earnings of your assets or estate because this is handled by a third party.
5. Avoid Probate
Your living trust will not have to go through probate because the property or assets are placed into your living trust instead of a will. Thus, the estate is still protected and usually only requires less than six months to transfer assets.
6. Flexibility
You are able to customize your living trust and choose the amount of flexibility you want, such as allowing certain assets that you want removed from your living trust or named differently if you should become incapacitated. The terms and details of your estate plan can be thoroughly outlined in your trust so that it is clear how much flexibility you want in the event of incapacity or death.
7. Additional Protection
A living trust company can offer additional protection, such as insurance policies to pay outstanding debts and tax liabilities.
8. Peace of Mind
Hiring a living trust company offers peace of mind because you no longer have to worry about preparing your own living trust. Plus, you can rest assured that all matters regarding your assets will be handled by professionals who are well-versed in the law and accountancy.
9. Professionalism and Dependability
A living trust company is professional and will handle business in a timely manner, unlike many lawyers who may drag out the process for months on end before finishing. The company will also make sure to meet all your financial and estate planning needs, including working with you on any other matters that may arise.
Living trusts are a popular estate planning tool for many Nevadans because of the benefits that they offer. The document can be drafted by anyone who desires, but you may not realize how beneficial hiring a living trust company is. At Legal Representatives, we offer detailed information about the benefits of a living trust as well as the companies that can help you draft one for both Nevada and California.
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