Trust Administration in Nevada
Trust administration is different from probate. When a revocable living trust is properly created and funded, trust assets may be administered and distributed without opening a probate case. After the trust creator dies, the successor trustee becomes responsible for carrying out the trust terms, protecting trust property, communicating with beneficiaries, and making distributions properly.
Trust administration is the process of carrying out a trust after the trust creator dies. If the trust was properly created and funded, the assets may be administered without opening a probate case. The successor trustee is responsible for following the trust, protecting the assets, communicating with beneficiaries, and making distributions correctly.
Key issues in trust administration include:
- Successor trustee duties – Identifying and securing trust assets, reviewing the trust document, communicating with beneficiaries, paying valid expenses, keeping records, and following the terms of the trust.
- NRS 164 notice – Nevada trust administration may require notice to beneficiaries and interested parties under NRS Chapter 164. Proper notice helps start the administration process and may affect deadlines for objections or claims.
- Accountings – Trustees may need to provide an accounting showing assets received, income earned, expenses paid, distributions made, and property remaining in the trust.
- Distribution – Before distributing trust property, the trustee should confirm the trust terms, beneficiaries, debts, expenses, and any tax or title issues.
Loftus Law helps trustees administer trusts properly and helps beneficiaries evaluate whether a trust is being handled correctly.
Estate Planning in Nevada
Estate planning allows you to decide who should manage your affairs during life, who should receive your assets after death, and how those decisions should be documented. A clear estate plan can help avoid confusion, reduce the risk of disputes, and give trusted people authority to act when needed.
Key estate planning tools include:
- Wills – A will directs how certain assets should be distributed after death and identifies who should serve as personal representative of the estate.
- Revocable living trusts – A trust can help manage assets during life and may allow properly funded assets to pass outside of probate after death.
- Powers of attorney – A financial power of attorney allows a trusted person to handle financial matters if you are unable to act.
- Healthcare directives – A healthcare directive identifies who can make medical decisions for you and can document your wishes regarding care.
Loftus Law helps Nevada clients create estate plans that are clear, practical, and tailored to their assets, family structure, and goals.
Contact a Nevada Probate and Trust Attorney Today
Don’t leave the probate and trust administration process to chance. Nevada Probate and Trust Attorney Robert Loftus has a litigation background, judicial clerkship experience, and has previously worked at one of Nevada’s oldest and most established law firms handling probate, estate planning, and business litigation matters. Contact our office today to speak with Robert and request a confidential consultation.