What is a revocable living trust?

A revocable living trust is an estate planning tool used in Nebraska to help manage assets and provide for the transfer of property in the event of death. It is a legal document that creates a trust, a fiduciary relationship in which one party (the “trustee”) holds the legal title to the trust assets and another party (the “beneficiary”) holds the beneficial interest in the trust assets. A revocable trust allows the settlor (the person creating the trust) to retain control of the trust assets throughout their lifetime and allows them to change or revoke any terms of the trust as they wish. Upon the settlor’s death, the trust assets are then transferred to the beneficiaries according to the settlor’s wishes. Using a revocable living trust instead of a will offers several advantages, including avoiding probate. By transferring assets to a trust, the settlor can avoid the probate court process and likely save their estate time and money. A revocable trust also provides greater privacy, as trust documents remain confidential and are not publicly available. Furthermore, a revocable trust allows for asset management in case of the settlor’s incapacity, which is an added degree of protection that wills cannot provide.

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What is a revocable living trust?

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