Trusts

Reno Trust Attorneys

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) 924-1306.

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) 924-1306 or contact us online today.

Why Choose a Trust?

Creating a trust offers several advantages for individuals who want to ensure that their assets are protected, efficiently managed, and transferred according to their wishes. Our Reno trust lawyers can help you achieve your financial and estate planning goals by establishing the right type of trust.

Some of the key reasons to consider creating a trust include:

Avoiding probate: Probate can be a lengthy and expensive process. A trust allows assets to pass directly to beneficiaries, bypassing the probate process and ensuring quicker distribution of assets.
Tax benefits: Certain types of trusts, such as irrevocable trusts, can help reduce estate taxes, provide income tax deductions, and protect assets from creditors.
Asset protection: Trusts offer protection from creditors, lawsuits, and divorce settlements, especially with irrevocable and spendthrift trusts.
Control over distribution: Trusts allow the grantor to set specific terms for how assets will be distributed. For example, a grantor can specify that assets be distributed over time rather than in a lump sum, ensuring that beneficiaries manage their inheritance responsibly.
Privacy: Trusts in Nevada can be administered privately, ensuring that details about the trust and its beneficiaries remain confidential.

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.

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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.

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What Our Reno Trust Lawyers Offer

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.
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.
Legal Compliance: Our trust attorneys stay up-to-date with ever-changing estate and trust laws, ensuring your documents remain compliant with current regulations.

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.

If you want to establish or amend a trust, turn to our Reno trust lawyers. A member of our experienced team can carefully guide you through these processes. 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) 924-1306 to speak with our trust attorneys in Reno.

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Resources

Need more information? We have resources available to answer any questions you may have

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