Nevada living trust is also known as Qualified Personnel Residence Trust (QPRT). It is an estate planning of split interest. A property item is divided into a period of current use and remainder use. Property transfer to people’s and organizations can be made possible in the circumstance of death of the owner, without having to worry about expenses or judicial inquiries.

In The Nevada living trust its owner drafts an irrevocable trust of a residence .The property rights are retained by the owner, for a defined period of years known as current use period. The owner loses the rights when the current use period is over. The residence then belongs to the trust beneficiaries. The owner is called Current Period owner and children as reminder owners.

There is much complexity involved in living trusts and help from financial or legal advisor is required. Different legal forms should be filled correctly to ensure the completeness of a revocable living trust. This will include property and beneficiary information, Duty assumption affidavits, living trust form for individuals etc.

The important considerations for asset ownership in Nevada living trust are as following.

Sole ownership is one form in which an individual will own the complete property interest and he has the authority for the transfer of property by means of a trust or a will.
Tenancy in common will be another form where the property interest is shared by an individual or more than two owners. Tenancy in common is the normal form of ownership for family members or friends but not spouses who have the whole ownership.