Legal Question in Wills and Trusts in Nevada

Re: will or trust ?

My recommendation would be to use a combination of two documents. First, I would encourage you and your new bride to enter an ante-nuptial agreement, so that you can preserve the "separate property" character of your home. This is necessary, because it is likely you will commingle community funds and utilize them for the financial support of the home during your marriage, potentially setting yourself up for a challenge that the house became community property by gift from you to the marriage community.

Secondly, I would suggest you utilize a fairly new real estate conveyance in Nevada law called a "beneficiary deed." This is a deed that you can sign and file with your County Recorder's Office to specify to whom the property shall pass upon your death - without the costs and delays of formal probate. If the home is your primary (and virtually exclusive) asset, this is an inexpensive and very effective estate planning device that avoids much of the work and cost of either a living trust or will. Should you change your mind about the beneficiary you name in the deed, you can record a new deed that makes such a change, so long as you remain mentally competent to do so.

Living trusts and wills are not necessary for everyone, but a trust is a marvelous device for just about anyone with over $20k in assets, minor children, or any special circumstances (remarriage may, in some instances, qualify as such). If you are in Northern Nevada, I would be happy to discuss your options further.

Re: will or trust ?

You should do a trust and name your beneficiary in such a way that your wife cannot get the property.

Re: will or trust ?

Generally, we recommend a trust. Do you know the value of your estate (assets minus liabilities)? That would be the determining factor in which type of trust to utilize.