What is a revocable living trust?

A revocable living trust is an estate planning tool used to legally transfer ownership of assets from an individual to themselves as trustee of the trust. It is commonly used in Nebraska and other states to avoid the costly and time-consuming process of probate, which is the court-supervised distribution of a deceased person’s assets. A living trust is revocable, meaning it can be changed or even canceled at any time by the creator of the trust, often referred to as the grantor. To create the trust, the grantor transfers the title of their property into the trust, either during their lifetime or upon their death. The grantor then appoints another person, often a relative, as a trustee to manage the trust and its assets. This arrangement means that, rather than having to go through the probate process, the trustee can simply distribute the assets in accordance with the instructions laid out by the grantor. Although most trusts are revocable, it is important to note that once the grantor passes away, the trust becomes irrevocable and the grantor can no longer make any changes to it. It is also important to consult an experienced estate planning attorney in Nebraska to determine the best options for your situation. A revocable living trust can offer significant tax advantages, asset protection, and flexibility, and is a great way to ensure your wishes for the distribution of your assets are carried out after death.

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What is a revocable living trust?

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