Probate

• One of the primary advantages of a living trust is that it allows you to avoid probate. Probate is a legal proceeding that takes place after your death. In Nevada, your estate is subject to probate regardless of whether or not you have a will. Depending on the size of your estate, the probate process can potentially last months or even years. Any property or assets you transfer into a living trust are exempt from the probate process, meaning that your estate is disposed of in a much shorter time.
  
  

Incapacitation

• A living trust can also be beneficial if you become incapacitated and are unable to manage your affairs. Typically, if you become incapacitated in Nevada, the state Public Guardian's Office will attempt to find a family member who is willing to manage your care. If no one can be found, the state will appoint a public guardian or conservator to do so. With a living trust, the trustee has the power to act as guardian or conservator, meaning that your estate will continue to be managed according to your wishes.
  
  

Excluded Property

• A living trust has more extensive powers than a will, but it does not eliminate the need for a will entirely. Specifically, any property or assets you own that are not transferred into the trust must be accounted for in a separate will, known as a pour-over will. If you fail to provide instructions for the distribution of these assets, they will be subject to probate and the state's inheritance rules following your death.
  
  

Claims and Challenges

• If you owe money to creditors, a Nevada living trust does not prevent them from seeking collection actions against your estate either before or after your death. A living trust may also be subject to challenges by disgruntled heirs who wish to claim a share in your estate on the grounds that the trust is invalid.
  
  

Cost

• Compared to drafting a will, establishing and maintaining a living trust can potentially be very costly. While you may attempt to establish a trust on your own, the process is complicated and typically requires the aid of a qualified attorney specializing in estate planning. Depending on the size of your estate, it can cost anywhere from several hundred to several thousand dollars to draft the paperwork and transfer your assets into the trust. If you appoint someone other than yourself to serve as trustee, you will have to pay them for their services.