Legal Question in Wills and Trusts in Nevada

If the changes to your 10-year old trust are not too extensive, you can amend it to accurately express your wishes. If it was done in another state and you now live and own property in Nevada, you may wish to replace it with one that is guaranteed to be fully compliant with Nevada law. After all, if you have established residency in Nevada, and someone were to contest the trust, they would file a probate that would take place in a Nevada court under Nevada law. Doesn't that seem to indicate you would be best to have a Nevada trust for the judge to consider?

If the changes are pretty significant (all different assets, different heirs/beneficiaries, and different successor trustees) it may make sense to start over with a new trust and will. Sometimes it is actually less expensive, too, to have an attorney draft completely new documents than to read and analyze one done by another firm, then draft the amendments to it.

Finally, make sure all your assets have been properly titled in the name of the trust. Remember that it cannot say anything about what happens to assets it does not own, so funding of the trust is all-important! If you have acquired a house, cars, bank accounts and other assets that are in your personal name, all are at risk of being subjected to the probate proceedings you sought to empower your family to avoid by forming the trust in the first place.

Let us know if we can help!