Question 1

What is a revocable living trust under Nevada law?

Accepted Answer

A trust is an arrangement in which a trustee holds title to property for beneficiaries under written instructions from the settlor who created it. In a revocable living trust the settlor usually serves as first trustee, may change or cancel the trust during life, and names a successor trustee. NRS 163.002 provides that a trust may be created by a declaration by the owner of property that he or she holds it as trustee, and NRS 163.008 requires a trust involving real property to be evidenced by a signed written instrument.

Question 2

What documents are in a Signature on Demand living trust package?

Accepted Answer

The package is prepared as one set at the client's direction: the trust instrument, a certificate of trust (NRS 164.410), a pour-over will with self-proving affidavit (NRS 133.040 and 133.050), financial and health care powers of attorney (NRS Chapter 162A), and a deed transferring Nevada real property to the trustee, recorded with the Clark County Recorder.

Question 3

Is there transfer tax when a Nevada home is deeded into a trust?

Accepted Answer

NRS 375.090(7) exempts from Real Property Transfer Tax a transfer of title to or from a trust without consideration if a certificate of trust is presented at the time of transfer. County recording fees still apply.

Question 4

Does a document preparation service give legal advice?

Accepted Answer

No. Under NRS 240A.030 a document preparation service assists a client at the client's direction. Signature on Demand does not select documents, interpret how the law applies to a client's situation, or advise on taxes, creditors, Medicaid or disputes. Those questions should be taken to a Nevada-licensed attorney.

Nevada Living Trust — Free Informational Guide