Trusts from A to Z

John White is scheduled to give a lecture on Trusts at the upcoming National Business Institute trust seminar, set for Monday, November 18, 2019 at the Sparks Nugget. Further details are here. NBI just finished sponsoring a judge’s seminar at Harrahs, Reno, at which several District Judges spoke and which was well attended.

Trusts can be probated. Common example.

People who form living trusts for the sole purpose of avoiding probate are often sadly surprised. Here is just one example:

The Settlor lived in Washington and owned property in Nevada. He did up a living trust and provided in Schedule A that the Nevada property was in the trust. However, he did not record a deed in Nevada from himself to his living trust before he died.

The successor Trustee went to the Washington probate court and got an order that put the Nevada property into his trust. He then tried to record that order in Nevada public records, but recordation was refused on the grounds that a Washington Court cannot change title to Nevada property. Had recordation occurred, the title company would likely have excepted.

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First Marriage Pre-nups

It often takes a failed marriage or two before someone is convinced of the value of a pre-nup. A pre-nup before the second or third marriage, while much more common than a first-marriage pre-nup, is something akin to locking the barn door after one of the horses has escaped.

We have a page on this site which discusses pre-nups in detail, which shows that under Nevada law, a pre-nup can deal with almost any issue that is likely to come up in the marriage.

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Rule “against” Perpetuties

Perpetuity Per‘pe*tuȷi*ty, n. [L. perpetuitas: cf. F. perp[‘e]tuit[‘e].] 1. The quality or state of being perpetual; as, the perpetuity of laws.

And yet we should, for perpetuity, go hence in debt. Shakespeare.

Most states have a rule against perpetuities, designed, basically, to keep folks from ruling from the grave.

No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.

is how John Chipman Gray, formulated it in 1886.

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