Reno Trust Attorneys

Many people have chosen to make Reno their home, whether they were born here or they moved. The abundance of entertainment and sports in the area, including the Reno Aces and Nevada Storm, makes many families stay for generations. To pass what you’ve worked hard for on to your loved ones, work with a Reno trusts lawyer to help plan your estate.

Experienced Trust Lawyers Serving Washoe County, NV

Trusts are an important estate planning tool that allows people to protect and manage their assets to benefit loved ones and beneficiaries.

At Surratt Law Practice, we have seen how valuable trusts can be and are here to help those in Reno, Sparks, and elsewhere in Washoe County plan for and establish trusts. On this page, you will find information about how trusts work, the different kinds of trusts, and what our team of Reno trust lawyers offers.

Do you have questions about establishing or altering an existing trust? Our experienced Reno trust attorneys have the answers. Schedule a consultation online or by calling 775-636-8200.

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What Is a Trust and How Does It Work?

At its core, a trust is a legal arrangement that allows someone (the trustee) to hold and manage assets on behalf of someone else (the beneficiary). Trusts come in a variety of forms and serve different purposes. Generally, individuals establish trusts to protect their assets and ensure they are used as intended.

In a trust, the trustee is responsible for managing the assets in accordance with the trust’s terms. They are expected to act in the best interests of the beneficiaries, and they can be held accountable if they do not. This means trusts can provide security and certainty that other arrangements, such as wills, might not offer.

The laws that concern establishing or altering a trust can be complex. No matter what you need a trust for or how you want to update an existing trust, hiring an experienced attorney can be advantageous.

To speak to our experienced Reno trusts attorney, give us a call at 775-636-8200 or contact us online today.

Why You Should Consider a Trust

Establishing a trust can be a valuable estate planning tool for individuals and families looking to protect their assets and ensure their wishes are honored. At Surratt Law Practice, our Reno trust attorneys understand the nuances of trust law and are here to guide you through the process.

Here are some compelling reasons to consider setting up a trust:

• Asset Protection: Trusts can help shield your assets from creditors and legal claims, providing peace of mind for you and your loved ones.
• Control Over Distribution: With a trust, you can specify how and when your assets are distributed to beneficiaries, allowing you to set conditions that align with your values.
• Avoiding Probate: Trusts generally bypass the lengthy and costly probate process, ensuring that your estate is settled quickly and privately.
• Tax Benefits: Certain types of trusts can offer tax advantages, potentially reducing the tax burden on your estate.
• Supporting Minor Children: Establishing a trust allows you to provide for minor children or dependents, ensuring they are financially secure in your absence.

Our dedicated team at Surratt Law Practice is committed to helping you navigate the complexities of trust creation and administration. We tailor our services to meet your unique needs, ensuring that your estate planning strategy aligns with your long-term goals.

Who is the Best Person to Manage a Trust?

The best person to manage a trust is typically the trustee, who is chosen by the grantor (the person who establishes the trust). The trustee has a fiduciary duty to act in the best interests of the beneficiaries and to manage the trust’s assets according to the terms set out in the trust document.

The ideal trustee should possess certain qualities, including:

• Trustworthiness and Integrity: A trustee should be reliable, honest, and ethical, as they are responsible for managing assets on behalf of others.
• Financial Knowledge and Management Skills: Understanding financial matters, investments, and asset management is crucial for ensuring the trust is managed properly and the beneficiaries’ interests are protected.
• Impartiality: The trustee must be unbiased, especially in cases where there are multiple beneficiaries, ensuring that all interests are treated fairly.
• Organizational Skills: Managing a trust involves handling paperwork, filing taxes, and maintaining clear records, so organizational skills are important.
• Willingness and Ability to Serve: The trustee should be willing to take on the responsibility and have the time to do so effectively.

Who Can Be a Trustee?

• Individuals: This could be a trusted family member, friend, or colleague who meets the necessary qualities.
• Professional Trustees: Many people choose professional trustees, such as an attorney, accountant, or financial institution, especially when the trust is complex or involves large sums of money. These professionals are experienced in managing trusts and are held to high fiduciary standards.
• Corporate Trustees: Banks and trust companies can act as corporate trustees. They provide the benefit of impartiality and professional expertise in managing trust assets and ensuring compliance with legal requirements.

Types of Trusts

Two of the most common types of trusts are revocable and irrevocable.

• With a revocable trust, a person maintains control of their assets during their lifetime.
• On the other hand, an irrevocable trust is permanent, and a grantor (the person who established the trust) cannot change it. These two trusts can help trustees and beneficiaries avoid probate. Irrevocable trusts also have notable estate tax benefits.

Other types include charitable trusts, which allot benefits to charitable organizations and beneficiaries. There are also special needs trusts and testamentary trusts.

• Special needs trusts designate a trustee who will manage assets for individuals who cannot do so for themselves.
• Testamentary trusts are part of wills and can provide support for children, surviving spouses, and others.

What Our Reno Trust Lawyers Offer

Many people do not see the point in hiring a trusts lawyer. However, our experienced Reno trust attorneys offer a range of benefits when it comes to estate planning and protecting your assets:

• Expertise: Our trust attorneys specialize in the complexities of trust law, ensuring that your trust documents are meticulously crafted and legally sound.
• Customization: We can tailor trusts to your specific needs, whether it’s for asset protection, minimizing estate taxes, or ensuring a smooth inheritance process.
• Asset Protection: Our Reno trust attorneys can help shield your assets from creditors and legal disputes, safeguarding your wealth for future generations.
• Minimizing Taxes: With in-depth knowledge of tax laws, we can create trusts that reduce the tax burden on your estate, allowing you to pass on more to your beneficiaries.
• Avoiding Probate: Trusts can bypass the often lengthy and costly probate process, ensuring a more efficient and private transfer of assets. Unlike probate, transferring assets through a trust means they are not required to be in the public record.
• Peace of Mind: Knowing that your estate is well-protected and your wishes will be upheld brings peace of mind to you and your loved ones. It can make life easier for your loved ones if your decisions are already made ahead of time, so they don’t have to wonder what you would want.
• Legal Compliance: Our trust attorneys stay up-to-date with ever-changing estate and trust laws, ensuring your documents remain compliant with current regulations.

Twenty percent of Reno residents are under 18. Consulting with our experienced Reno trust attorneys is an investment in the security and effective management of your assets, ultimately benefiting both you and your heirs by preserving wealth, minimizing legal complications, and providing peace of mind.

Why Choose Us?

Surratt Law is experienced at meeting the needs of our diverse client base. Every client has a different situation and might benefit from different kinds of trusts and estate plans. Our attorneys take the time to listen and offer solutions that work for you and your family.

If you want to establish or amend a trust, turn to our Reno trust lawyers. We strategize with clients, exploring the implications of different types of trusts and considering asset protection and tax planning. We aim to ensure our clients’ trusts meet legal requirements and accurately reflect their intentions and goals. Find out what we can offer you by setting up a consultation.

Reach out online or call 775-636-8200 to speak with our trust attorneys in Reno.

FAQs

Q: What Are the Benefits of Trusts?

A: The benefits of trusts include the ability to hold your assets in a way that can skip probate after your death. This gets the assets to your loved ones faster than in traditional probate. If you have a high-value estate, trusts can also be used to avoid estate taxes when you transfer assets. The tax can be a considerable amount, so trusts are very useful tools.

Q: What Are the Requirements of a Trust in Nevada?

A: The requirements of a trust in Nevada typically include making a document that outlines what assets are included in the trust. It also includes who owns the assets, who is managing the assets on behalf of the testator (otherwise known as the executor), and who will receive the assets once the testator dies (otherwise known as the beneficiary).

Q: What Rights Do Trust Beneficiaries Have in Nevada?

A: The rights that trust beneficiaries have in Nevada include being able to get information about what is in the state and how it is being managed. You can also ask for detailed financial records for the trust to make sure it is being administered properly. If you believe that the trust is not being correctly managed, you can file a legal claim to address it.

Q: Who Legally Owns the Assets Held in a Trust?

A: The legal owner of the assets held in a trust is the trust itself. The testator does not own the assets once they place them in the trust, and the executor does not own them because they are simply managing them for the trust. The beneficiary does not own the assets until the testator passes away, and the beneficiary meets all the conditions laid out in the trust.

Supporting Testators, Executors, and Beneficiaries

12% of households in Reno make over $200,000 annually. This amount can be protected for your loved ones with the help of a trust. For more information on how to create a trust, schedule a consultation with Surratt Law. We can make sure your trust works in your favor.