A revocable living trust is a written agreement that declares a specific individual as responsible for managing your property. Living trusts are created while an individual is still alive, and can be altered or annulled whenever they wish. Revocable trusts generally become irrevocable only when the individual passes away. There are three types of persons in a trust: the creator, the trustee(s) responsible for managing it, and the beneficiaries. To safeguard your assets, it is crucial to seek legal counsel when creating a living trust. Once you have passed away, there will be little the parties left behind can do if the trust was not drafted so that it could be carried out the way you intended.
You can secure your desires for your estate through a living trust. If you wish to be your own estate’s trustee for as long as possible, you can designate someone to take over the role if you become unwilling or unable to manage your assets on your own. Upon your death, the trustee you choose will administer your estate similarly to how the executor of a will would. This includes collecting your assets, paying debts and taxes, and dispersing your remaining assets. With a living trust, unlike a will, no court supervision or approval is needed. The majority of the living trusts our firm creates avoid probate.
Gloria Petroni will work with a trustee throughout their administration of a trust. She can advise or represent the trustee on the following processes:
- Inventorying the assets of the deceased
- Paying the debts and taxes of the deceased and their estate
- Distributing the balance to the beneficiaries
Reno trusts lawyer Gloria Petroni has over 30 years of experience in estate and probate matters. Ms. Petroni can assist you in drafting a trust that does the following: secures your assets, avoids probate, ensures you avoid guardianship and maintain control of your assets, and postpones disbursements to minors until they are capable of managing them. Once you pass away, Attorney Petroni will make certain your loved ones are cared for by ensuring your wishes are carried out.
BENEFITS OF A TRUST
A trust has the following benefits:
- Avoids probate, if fully funded
- Avoids potential guardianship
- Includes qualifications for beneficiaries to receive money when you believe they are responsible
- Often a less expensive way to transfer assets to your beneficiaries
- Often minimizes or avoids an estate tax
If you learn that you have been named trustee, successor trustee, or co-trustee, seek the counsel of a Reno trusts lawyer. A trustee’s responsibilities are often heavy. As a fiduciary, they must comply with trust laws, IRS policies and other tax requirements, as well as communicate with all parties both holding assets and designated to receive assets. Gloria Petroni can help you administer a trust no matter who it was created by. An experienced legal team can diminish the possibility of complications due to conflict of interest, misunderstanding, or misinterpretation while you serve as trustee. Let our expert advice relieve the stress of trust administration — contact us today.
With over 30 years of legal experience, estate planning attorney Gloria Petroni is knowledgeable, careful, and results-oriented. With her guidance on wills, trusts, powers of attorney, and guardianship, your wishes and your family will be secure.