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Nevada Summary Administration Form

Nevada Summary Administration Form

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[Music] hello i'm kirk kaplan with crest key legal and accounting and welcome to this episode we're going to talk about trust administration in nevada typically a trust is administered when it becomes irrevocable which in nevada the typical way is when someone dies so the first thing you have to do when you're administering a trust is that you have to determine who the beneficiaries are and who the trustee is beneficiaries are those individuals that are named in the trust to receive some type of money or other benefit from the trust the trustee is the individual who follows the rules and agrees to follow the rules in the trust the second thing you need to do is the trustee needs to begin gathering assets what are the assets the home the bank account etc that belongs to the trust if there is an asset that is held outside the trust meaning that the trust name is not on that asset if it's an asset that you show by title such as a house bank account car etc

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