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Is a Nebraska Revocable Living Trust Worth It?
A revocable living trust is a great way to control your estate and protect other assets that matter most to you. And a Nebraska revocable living trust is a legal document that allows you to transfer your assets into the trust. This includes financial accounts, real estate, and other property.
Once the assets are in the trust, they're managed and distributed according to your wishes. The good thing about creating a revocable living trust is that you can make changes to the trust at any time while you're still alive.
Also, you must select a trustee to manage the trust. This is usually someone you trust, such as a family member or close friend. The trustee will manage the assets according to your wishes and ensure they're distributed as you want.
Some people select themselves as trustee. If you're the trustee, you need to name a successor trustee in the event of your death or incapacity. Here are more details about a Nebraska living trust.
Why You Need a Nebraska Living Trust?
There are many reasons why you should consider creating a revocable living trust in Nebraska. This tool can help you to manage your assets while ensuring they pass to heirs quickly, easily, and without the cost or delay of probate proceedings.
When you leave assets in a will, those assets must pass through the probate. This can be a lengthy, expensive process with no guarantee of success. A living trust helps you to avoid this situation.
Even better, Nebraska has embraced the Uniform Probate Code, making it easier to go through probate than in other states. Moreover, there is an even more simplified process for "small" estates that heirs can use to bypass the probate process using a sworn statement.
This usually applies if the total value of all personal property (after debts are accounted for) is at most $50,000 or any real estate owned in Nebraska is less than $50,000.
Having a living trust, in addition to a will and the Uniform Probate Code, will ensure your beneficiaries have a straightforward experience inheriting your properties.
Additional Points to Note
It is worth noting that a will is still necessary even with a living trust. This is critical, especially if you want to designate a guardian to a minor or when accounting for a property not initially transferred to the trust.
Another concern is whether a living trust can reduce estate tax in Nebraska. Unfortunately, it cannot since most people in the state do not have to worry about federal estate taxes. The tax levies only apply to estates estimated at $12 million and beyond.
How to Create a Revocable Living Trust in Nebraska?
There are specific requirements for creating a revocable living trust in Nebraska. You must be at least 18 years old, of sound mind, and free from undue influence or coercion. The settlor (you) and two witnesses must write and sign the document.
You'll also need to name a trustee, beneficiary or beneficiaries, and successor trustee. The document should detail how the trust assets will be managed and how they'll be distributed when the time comes.
Once the revocable living trust is created, you must transfer the assets, usually done through "funding" or "retitling." This process involves changing the asset's title to the trust's name and can be done for accounts, real estate, vehicles, etc.
If you're ready to create a revocable living trust in Nebraska, Forms. legal offers templates to guide you through the process. We offer all types of revocable living trusts template form in Nebraska. Just be sure to fill in the blanks with the correct information and download and print the document when done.