Trusts Attorney in Henderson, Nevada
What is a Trust and how can different kinds of trusts help with estate planning?
What is a Trust and how can different kinds of trusts help with estate planning?
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00:04
i would consider a trust as
00:07
really the primary estate planning tool
00:09
that we use in estate planning today
00:12
you know i think traditionally a will
00:14
was kind of the
00:15
the most prevalent document for estate
00:17
planning but i think a trust has really
00:19
kind of jumped past wills and i think
00:21
for a lot of reasons but to define what
00:23
a trust is it’s really uh an agreement a
00:27
legal document that somebody creates
00:29
that allows them to
00:31
say when they become incapacitated or
00:33
when they pass away who’s going to
00:36
handle the administration of their
00:37
affairs and it allows them to say when
00:40
they pass away where are their assets
00:43
going to go and how is that going to
00:45
take place those are just some general
00:47
you know advantages of doing a trust
00:50
but a trust has three primary parties
00:53
one party is the person who creates it
00:56
that’s oftentimes uh referred to as the
00:59
trustor or grantor or set lord of a
01:03
trust who established it
01:05
who put the property into the trust
01:07
that’s who that person is and then the
01:10
second party is the trustee of that
01:11
trust which is you know referred to as
01:14
the manager
01:15
for the trust meaning the trustee has
01:18
the authority to manage the assets to
01:20
invest them and ultimately to distribute
01:23
those assets to the beneficiaries which
01:26
brings in the third party the
01:28
beneficiaries of a trust are those who
01:30
are entitled to
01:32
receive distributions of the trust
01:34
assets usually clients who establish a
01:37
standard revocable trust they are going
01:40
to serve in all three capacities they’re
01:42
going to establish the trust
01:44
they’re going to be the trustees and
01:46
they’re also the beneficiaries because
01:48
it’s their property until they
01:50
ultimately pass away and so every good
01:52
estate plan should at least have
01:54
a traditional
01:56
revocable trust and sometimes that’s
01:58
referred to as a family trust or a
02:00
living trust but it’s a central document
02:03
to any good estate plan there are many
02:05
different types of trusts but they
02:07
usually fall into one of two categories
02:09
one
02:10
is a revocable trust and two is an
02:13
irrevocable trust a revocable trust is
02:17
the trust that a client can amend and
02:19
change and modify whenever they want to
02:22
there’s no restrictions and that
02:24
normally is used for
02:26
you know addressing what happens if they
02:28
if they become incapacitated what’s
02:30
going to happen when they die where the
02:31
assets going to go who’s going to be in
02:33
charge of handling that administration
02:35
and so that’s central to any good estate
02:36
plan
02:37
a lot of clients can benefit from having
02:39
an irrevocable trust those trusts are a
02:41
little bit more involved and there’s
02:43
many different types of irrevocable
02:45
trusts but an irrevocable trust is a
02:47
trust that really can’t be revoked or
02:50
amended or changed
02:51
at least as easily as a revocable trust
02:53
and so it’s usually more permanent
02:55
and there’s many reasons why someone
02:57
might want to establish an irrevocable
02:59
trust and i would say just generally
03:01
speaking
03:02
some of those reasons are to protect
03:03
their assets from creditors
03:05
to make gifts to
03:08
you know their kids or or loved ones and
03:10
then another reason why someone might
03:12
establish new revocable trust is you
03:14
know to minimize estate taxes and so a
03:16
lot of times people that that really can
03:19
benefit from an irrevocable trust or
03:20
people that have you know just those
03:22
types of of issues
03:24
and they
03:25
you know tend to kind of have more
03:27
wealth and they want to try and do some
03:28
planning to protect that wealth or to
03:30
gift it away or to kind of save taxes on it
Las Vegas, NV estate planning attorney Taylor K. Morris explains what a Trust is and how can different kinds of trusts help with estate planning.
