When a married couple created a trust together it is called a shared trust. The basic reason for creating such a trust is probate avoidance. This type of living trust allows your loved ones to avoid costly probate related issues and can dramatically reduce the time and effort needed to gift ones assets to their heirs. 

When one of the members of the shared trust passes away the survivor becomes the sole trustee. Two trusts will then automatically be created from the shared trust. In the first trust the deceased grantor's share of trust property minus any trust property left to the survivor will be held. This will be an irrevocable trust. The second trust will contain the survivor's share of the shared trust. This second trust is a living trust and can be revoked, changed or amended.

Upon the death of the second grantor, the successor trustee named in the trust document takes over as the trustee. Assets may be placed into a fiduciary trust for safe keeping while the duties of the trustee are carried out.

Duties include:

  • Get an appraisal of valuable trust property.
  • Prepare an Affidavit of Assumption of Duties at per N.R.S. 164 (NRS 164.010) letting the courts know of their intention to act as the trustee.
  • Distribute the deceased grantor's share of the trust property to beneficiaries named in the trust document.

  • Manage property left in a child's subtrust in accordance with the Uniform Transfer To Minors Act (UTMA).

  • File tax returns, if necessary.

If you need assistance in preparing and executing the paperwork needed to create a Las Vegas living trust of any type the qualified attorneys of Anthony L. Barney, Ltd. are ready to help you. They will give you years of Las Vegas estate planning experience to make sure you and your loved ones are protected and cared for in the event of your death. You worked your whole life to provide for your family. Don't let probate and the Federal government take what you worked hard to create!



Disclaimer: This information is provided for educational purposes and should not be construed as legal guidance or specific advice. Always consult an attorney when you are dealing with the law.

 


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