Here Are the Pros and Cons

If you created your revocable living trust more than 10–15 years ago, you may be wondering whether it’s time to update it or start fresh with a new trust altogether. Estate laws change. So does your family, finances, and goals.

At Discount Las Vegas Lawyer, we help Nevadans make the right choice. Here’s a breakdown of the pros and cons of updating your old trust vs. creating a brand new one.

PROS OF UPDATING OR STARTING A NEW TRUST

1. Stay Compliant With Current Laws Trust and tax laws change over time. An old trust may not comply with:

• HIPAA (health privacy) laws
• Digital asset management (emails, crypto, social media)
• Updated federal estate tax exemptions
• New Nevada-specific legal protections
• Updating or starting a new trust ensures legal compliance.

2. Reflect Your Current Wishes and Family Situation

• Since creating your old trust, have any of these changed?
• Marriage or divorce
• Birth or death in the family
• New property or businesses
• Changed relationships with trustees or beneficiaries
• A new or updated trust guarantees your current intentions are clear and enforceable.

3. Add Nevada-Specific Advantages

• If your trust was created in another state (like California), it might not take full advantage of Nevada’s stronger asset protection laws, favorable probate rules, and charging order protections.
• A Nevada-based trust is often stronger and more efficient.

4. Clean Up Confusing or Outdated Language

• Older trusts often use complex legal language that can confuse family members or trustees later on.
• Modern trusts are clearer, simpler, and more user-friendly.
• A fresh trust can prevent future disputes and misunderstandings.

5. Avoid Probate for Newly Acquired Assets

• If you’ve purchased real estate, investments, or opened new bank accounts since your trust was created, those assets may not be properly titled in your trust.
• Updating or restarting helps avoid probate for new assets.

 CONS OR THINGS TO CONSIDER

1. Cost of Creating a New Trust

• Creating a brand-new trust might cost less or more than amending a few sections—depending if you have many assets to retitle and changes.
• But: The cost is often less than the fees your family might face in probate or litigation later.

2. Time and Effort

• Starting over requires some paperwork:
• Transferring property titles
• Updating beneficiary designations
• Re-signing legal documents
• However: A law office like ours can handle 90% of the work for you.

3. Emotional Attachment

• You may feel hesitant to replace a document that’s been in place for years—especially if it was created with a spouse or loved one who has passed.
• But: Protecting your current wishes is more important than holding on to outdated documents.

 So… Should You Update or Start Over?

If your trust is more than 10–15 years old,

If you’ve moved to Nevada from another state,

Or if your life circumstances have changed…

 It’s time to review your trust.

In many cases, a restatement (complete overhaul) is the best choice. In others, a few amendments may be enough. Either way, our team can help you make the right call.

Call us at 702-680-1780 to see how we can help.

Click here to start your new trust

Click here to contact us if you have questions.  

At Discount Las Vegas Lawyer, we specialize in affordable, legally-sound revocable living trusts.

We’ll help you decide whether to update or start fresh—and guide you every step of the way.