Revocable Trust for Single Individual
(Basic) (NV)

Summary

This template is a revocable trust for use in Nevada by an unmarried individual with or without children. It is intended as a general drafting aid for nontaxable estates. This template includes practical guidance, drafting notes, and alternate and optional clauses. This template directs the residuary trust estate to pass outright to the settlor's children and/or other beneficiaries. Note, this template does not include continuing trusts, so it should not be utilized if the settlor has minor children. The distribution provisions may be modified to reflect your client's wishes. A revocable trust (also known as a "living trust" or "inter vivos trust") is typically used as a will substitute to avoid probate. The revocable trust also includes elements of disability planning as assets can be managed by the successor trustee without an adjudication of incapacity. However, because the settlor retains power over the trust assets, revocable trusts do not provide asset protection or estate tax savings. In addition to the creation of the trust, the settlor will need to fund the trust with all of his or her individually owned assets in order to avoid probate. To assist your client with funding, once he or she gives you a completed questionnaire, you should provide a checklist and/or letter to help them understand the additional action required to coordinate the estate plan beyond executing the documents. This includes, for example, recording new deeds for real property, updating beneficiary designations with investment, retirement, checking, and savings accounts, and more. To ensure that all of the settlor's assets are properly transferred to the intended beneficiaries, a revocable trust should be used together and coordinated with a pour over will. For a template of a pour over will, see Will for Individual with Spouse or Partner (Pour Over to Inter Vivos Trust) (NV). For a basic revocable trust template suitable for an individual with a spouse or partner, see Revocable Trust for Individual with Spouse or Partner (Basic) (NV).