What are the advantages of a living trust over a will?
• Privacy. A living trust is not usually filed in court to become a public record. However, in many cases an inventory must be filed with a court upon death. The inventory will at least show the size of the trust and may be required to list the assets. The inventory is used for the inheritance tax determination. The inventory is a public record. The amounts received by each beneficiary may also be a public record. • Avoid Probate. Assets in a living trust usually avoid probate at death. However, Nebraska has the Uniform Probate Code which considerably simplifies probate. Remember the assets must have been transferred into the living trust to avoid probate. • Disability. A trustee can continue to manage living trust assets (those actually transferred into the trust) if you become disabled without the court appointment of a conservator. However, a durable power of attorney may provide the same benefits. • Asset Management. If the trustee is an expert, professional management of the livin
Privacy. A living trust is not usually filed in court to become a public record. However, in many cases an inventory must be filed with a court upon death. The inventory will at least show the size of the trust and may be required to list the assets. The inventory is used for the inheritance tax determination. The inventory is a public record. The amounts received by each beneficiary may also be a public record. Avoid Probate. Assets in a living trust usually avoid probate at death. However, Nebraska has the Uniform Probate Code which considerably simplifies probate. Remember the assets must have been transferred into the living trust to avoid probate. Disability. A trustee can continue to manage living trust assets (those actually transferred into the trust) if you become disabled without the court appointment of a conservator. However, a durable power of attorney may provide the same benefits. Asset Management. If the trustee is an expert, professional management of the living trust
