If you have a complex financial situation that includes your business mingled with your personal life, setting up a will may not be enough to accurately ensure your assets will be distributed properly upon your death. In addition, you may still be alive but no longer have the capacity to manage your financial and legal affairs, at which point it would be important to have a plan in place to ensure your lifetime’s work isn’t wasted. Thus, it is important to consider a living trust.
A living trust is effective for situations with complex financial assets that are woven through family, personal, and business assets. Rather than distributing all this information to an executor of a will, it is much better to achieve financial security with the help of a living trust. In addition, living trusts are extremely helpful for individuals who wish to keep their estate matters private.
Living trusts are important for controlling your financial legacy. Typically, upon your death, your will would be sent to an executor and go through probate which can end up costing beneficiaries up to 40% of your assets. A living trust, however, bypasses probate and allows your trustee or group of trustees to distribute your financial legacy to your beneficiaries immediately.
If you would like to know more about establishing a living trust in Nevada, you’re welcome to contact Corporate Capital at 855-371-0070. We have qualified attorneys dedicated to ensuring your financial legacy will remain secure for your life and beyond.