We use cookies to improve security, personalize the user experience, enhance our marketing activities (including cooperating with our marketing partners) and for other business use.
Click "here" to read our Cookie Policy. By clicking "Accept" you agree to the use of cookies. Read less
A living trust is a legal document that sets up a trust during a person's lifetime, allowing them to transfer their assets to a trust and specify how they should be managed and distributed after their passing.
In Nebraska, a living trust can have two trustees. These trustees are responsible for managing the trust assets and ensuring that the instructions outlined in the trust document are followed.
Having two trustees in a living trust provides a system of checks and balances. It ensures that decisions regarding trust assets are made jointly, minimizing the risk of one trustee making unauthorized changes or mismanaging the assets.
Generally, the requirement for two trustees is to promote cooperation and agreement. Both trustees should be involved in decision-making and consult each other to ensure a collaborative approach and prevent unilateral actions.
When disagreements arise between the trustees, it is essential to work towards a resolution through open communication and compromise. Engaging a mediator or seeking legal advice could also help in finding a mutually acceptable solution.
The trustees have various responsibilities, including managing trust assets, making investment decisions, distributing assets according to the trust's instructions, keeping accurate records, and filing necessary tax returns.
Yes, under certain circumstances, one trustee may be removed or replaced. Valid reasons for removal could include misconduct, inability to fulfill duties, or a mutual agreement among the trustees. Consultation with an attorney is advised to navigate this process.
Typically, it's advisable for both trustees to sign all legal documents related to the trust. This practice ensures that both trustees are equally aware and accountable for the decisions being made and provides an additional layer of protection.
In such situations, the living trust should have alternate provisions outlined in the trust document. These provisions address the appointment of successor trustees who would step in to manage the trust assets and fulfill the trustee's duties.
Yes, it is possible for the trustees to also be beneficiaries of the living trust. However, it's important to ensure that the trust document clearly defines their roles, responsibilities, and any potential conflicts of interest.
Trusted and secure by over 3 million people of the world’s leading companies