A revocable living trust is a written agreement designating someone to be responsible for managing your property. It is called a living trust because it is established while you are still alive. It is revocable because, as long as you’re mentally competent, you can change or dissolve the trust at any time at your own discretion for any reason. Typically, a living trust becomes irrevocable when you die. A trust involves three parties: you as the creator, the trustee or trustees who agree to manage your assets as directed by the terms of the trust, and the beneficiaries. The legality behind a trust once the creator passes can be complex, so it is essential to consult with a Reno trusts lawyer to effectively create a trust that ensures your assets.
A living trust can help ensure that your assets will be managed according to your wishes, even if you become unable to manage them yourself. In setting up your living trust, you may serve as its trustee initially or you may choose someone else to do so. You can name a trustee to take over the trust’s management for your benefit if you ever become unable or unwilling to manage it yourself. And at your death, the trustee, similar to the executor of a will, would then gather your assets, pay any debts, claims and taxes, and distribute your assets according to your instructions. Unlike a will, however, this can all be done without court supervision or approval. Most of the living trusts drafted by our firm avoid probate upon the death of the decedent.
When a decedent has created a living trust, attorney Gloria Petroni works with the trustee to administer the trust. Attorney Petroni advises and represents the trustee throughout the trust administration process, including:
- Inventorying the assets of the deceased
- Paying debts and taxes of the deceased and estate
- Distributing the balance to the beneficiaries
Reno trusts lawyer Gloria Petroni has been handling estate and probate matters on behalf of clients for more than 30 years. She will not only help you draft your trust, but will help your family with trust administration at the time of your death by making sure your wishes are achieved and your loved ones are protected.
Attorney Gloria Petroni and her team will help you to create and draft a trust that ensures all of your assets avoid probate, that you have continued control of those assets, or avoid a guardianship, and delay distributions to minors or others until they are able to handle funds.
Benefits of a Trust
- A fully funded trust avoids probate.
- Avoids potential guardianship.
- Can provide for beneficiaries to receive money when you believe they are responsible.
- Generally less expensive means of getting assets to your beneficiaries.
- Generally designed to minimize or avoid estate tax.
If you have been trustee, successor trustee, or co trustee it is recommended that you speak with Reno trusts lawyer, Gloria Petroni, should you learn that you have been named trustee of a trust or successor trustee. Serving as a trustee or successor trustee carries many complicated responsibilities. You are considered a fiduciary and will need to comply with the trust laws governing the trust, communicate with the beneficiaries and institutions holding the trust assets, and meet all the IRS and other tax requirements. Whether the trust was created by Attorney Petroni or not, she can help to assist you in administering the trust. By working with Petroni and her team she will alleviate the burden of trust administration and greatly reduce the chances of a dispute arising among beneficiaries because of conflicts of interests, misunderstanding or disagreements. We can help to protect your from disputing beneficiaries and other challenges to your role as a trustee. Contact our office today to meet with an experienced trust administration attorney.
With over 30 years of legal experience, estate planning attorney Gloria Petroni is committed to quality. Whether you need assistance with a will, a trust, a power of attorney or a guardianship, Gloria can give you the guidance you need to make sure your wishes are known and your family is secure.