Revocable Living Trust Description
Avoid the Hassles of Probate
Without a revocable living trust, the decedent’s [person who has died] assets go through probate.
Probate is a legal process for settling claims against the decedent and for distributing the decedent’s assets.
For example, probate in Nevada takes a minimum of 150 days. If there is real property to be sold, the probate could take one year or more.
More Important than a Last Will and Testament
Without a revocable living trust, probate occurs even if the decedent has a Last Will and Testament
and if the decedent is married and all of his property is community property.
Solves the Problem of Decedent’s Who Have Many Assets in Real Property
The above probate legal fees, costs and federal estate taxes have to be paid in cash. Decedent’s who have much of their assets in
real property tend to have little cash. This situation may require that the Executor of the probate estate sell a parcel or parcels
of real property in a very short period of time. Such quick sales are almost always at a steep discount.
Solves the Problem of Insurance
Most insurance is sold to provide for the surviving spouse or for the children of the parents in the event that both die.
However, an examination of the costs of probate may result in a large portion, if not all, of the insurance being used to pay such probate expenses and taxes.
NO PROBATE OCCURS IF THE DECENDENT HAS A TRUST AND NO ESTATE TAXES ARE DUE IF THE DECEDENT IS MARRIED AND HAS A TRUST!
Revocable Living Trust Incudes:
- Revocable Living Trust
- Last Will and Testament for both husband and wife
- Durable Power of Attorney for Health Care for both husband and wife
- Power of Attorney – General for both husband and wife
- Form for transferring personal property into Revocable Living Trust
- Certificate of Revocable Living Trust
- Instruction Letter on how to transfer assets into Revocable Living Trust