Living Trust vs. Will: Which One Protects Your Family Best in 2025?
Thinking about what happens down the road isn’t always easy. Maybe you’ve thought about making a plan for your estate and who will get it someday, but it feels confusing or even a little scary. You just want to make sure your family is taken care of and doesn’t face big problems after you’re gone.
It’s completely normal to feel this way; lots of people do. But here’s the thing: having a plan, whether it’s a will or a living trust, can make a world of difference for those you care about most. It helps make sure your wishes are followed and can save your family time, money, and stress during a tough time. The big question for many people in Nevada is, which plan works best?
Deciding between a will and a living trust involves looking at what each one does and how it addresses the administration of your assets after you’re gone. It’s not a one-size-fits-all answer. Getting clear on the differences is the first step to feeling confident about your choice. If you’re ready to talk through your options and figure out the best way to protect your family, contact the Las Vegas probate, trust, and estate litigation lawyers at Lee Kiefer & Park. Call us at 702-333-1711
If You Don’t Have a Plan, the State Does
It might surprise you, but if you pass away in Nevada without a will or a living trust, the state has rules about who gets your property. This is called dying “intestate.” The rules are set out in laws like Nevada Revised Statutes (NRS) Chapter 134. These laws decide a specific order for who inherits your assets, usually starting with your spouse and children, then moving to parents, siblings, and so on.
This means if you don’t have a plan, people you might have wanted to receive something, like a close friend or a specific charity, could get nothing. Also, the court will decide who will be in charge of handling your affairs, which might not be the person you would have chosen. This process follows strict legal steps and can take a long time, often causing extra worry and cost for your family.
How a Will Works
A will is a set of instructions for your executor (or sometimes referred to as a “personal representative”) to follow after you pass away. In a will, you name someone to manage your estate (your “executor”), identify who should receive your property (your “beneficiaries”), and if you have young children, you can name a guardian for them. A will in Nevada needs to meet certain requirements, like being in writing and signed in front of witnesses, as outlined in NRS Chapter 133.
How a Living Trust Works
A living trust (guided by laws such as those found in NRS Chapter 163) is different than a will because it affects how your property is owned and administered immediately – while you are still living. You transfer ownership of your assets – like your home, bank accounts, and investments – to the trustee of the trust while you are alive. You name a trustee (most often yourself, initially) to manage the assets for the benefit of you, while you are living, and your beneficiaries (the people you want to receive your property after you pass away). You also name a successor trustee who takes over managing the trust property if you become incapacitated or if you pass away.
Which One is Best? Comparing Your Options in Nevada
Your family is unique. So, the right choice depends on your personal situation, the types of assets you own, your family structure, and your goals.
Let’s look closer at how wills and living trusts stack up against each other, especially considering how things work here in Nevada.
Avoiding Probate
One of the biggest differences is probate. A will almost always requires your estate to go through probate court in Nevada. A living trust, however, is designed to avoid this court process entirely for the assets you place into your trust. Avoiding probate means your family won’t face the delays, court fees, and public nature of the probate process.
Privacy
When a will goes through probate, it becomes a public record, creating the possibility that individuals outside your family will be able to see the details of your will. A living trust, on the other hand, is a private document. The details of your assets and beneficiaries are not made public.
Understanding Costs
What about cost? Setting up a living trust usually costs more upfront than drafting a simple will. This is because it’s a more complex document and involves transferring asset ownership to the trustee of the trust. However, the costs of probate in Nevada (including court fees, attorney fees, and other administrative costs) can often be higher than the initial cost of setting up a trust. So, while a trust costs more now, it can save your family significant money later.
Complexity vs Simplicity
A will is generally a simpler document to create initially. A living trust is more involved to set up and requires you to transfer asset titles into the trust’s name. If you forget to transfer assets, they might still have to go through probate. Managing a living trust also requires a bit more ongoing attention to ensure assets are properly titled.
Who Has Control?
A will takes effect after you pass away. A living trust is effective immediately upon creation. This allows you to manage your assets within the trust while you are alive and provides a plan for someone to seamlessly take over management if you become incapacitated or if you die.
Secure Your Family’s Future Today
Making a plan for your estate is one of the most thoughtful things you can do for the people you love. Whether a will or a living trust is the right tool for you in 2025 depends on your unique circumstances. Taking the step to understand your options and make a decision is empowering.
Don’t wait and leave things to chance. Lee Kiefer & Park is here to help you explore the best way to protect your family’s future. Call us today at 702-333-1711 or fill out our confidential contact form.
Attorney Kennedy Lee practices in all aspects of trust and estate law. He views all legal issues from multiple angles (e.g. from litigation to administration point of view) to provide a higher quality of service to our client.
