REVOCABLE LIVING TRUST AGREEMENT

(Nebraska – Revocable Inter Vivos Trust)

TABLE OF CONTENTS

1. Document Header
2. Recitals
3. Definitions
4. Establishment of Trust & Transfer of Property
5. Rights Reserved by Settlor
6. Trustee Provisions
   6.1 Acceptance, Duties, and Standard of Care
   6.2 Successor Trustee Rules
   6.3 Trustee Powers
   6.4 Trustee Compensation & Reimbursement
   6.5 Trustee Indemnification & Exculpation
7. Beneficiary Rights & Distributions
8. Revocation, Amendment, and Termination
9. Administrative & Tax Provisions
10. Default & Remedies
11. Risk Allocation
12. Dispute Resolution
13. General Provisions
14. Execution Block
15. Exhibits & Schedules

1. DOCUMENT HEADER

This Revocable Living Trust Agreement (this “Agreement”) is entered into and made effective as of [EFFECTIVE DATE] (the “Effective Date”) by and between:

• [SETTLOR LEGAL NAME], an individual residing at [SETTLOR ADDRESS] (“Settlor”); and
• [INITIAL TRUSTEE LEGAL NAME], whose principal address is [TRUSTEE ADDRESS] (“Trustee”).

The Trust established herein (the “Trust”) shall be governed by, construed, and enforced in accordance with the laws of the State of Nebraska (the “Governing Law”), without regard to its conflict-of-laws principles, and shall be subject to the exclusive jurisdiction of the [COUNTY] County Court, Probate Division (the “Forum Court”).

2. RECITALS

A. Settlor desires to create a revocable inter vivos trust to hold certain property for the benefit of the beneficiaries designated herein.
B. Settlor has transferred, or contemporaneously herewith is transferring, property to Trustee as described in Schedule A (the “Trust Estate”).
C. Trustee is willing to hold, manage, and distribute the Trust Estate subject to the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

3. DEFINITIONS

For purposes of this Agreement, capitalized terms have the meanings set forth below. All section cross-references are to this Agreement unless otherwise indicated.

“Accountings” – Defined in Section 6.1(c).
“Arbitration Option” – Defined in Section 12.2.
“Beneficiary” – Any person or entity presently or prospectively entitled to receive distributions from the Trust, as identified in Section 7.1.
“Disability” – Settlor’s or a Trustee’s incapacity as determined under Section 5.3 or 6.2(f), respectively.
“Distribution Standard” – Defined in Section 7.2.
“Forum Court” – The court identified in Section 1.
“Governing Law” – Nebraska law, as specified in Section 1.
“Protected Person” – Trustee, Successor Trustee, and their respective officers, directors, employees, agents, and representatives.
“Schedule A” – The written schedule of property attached hereto and incorporated herein identifying all assets transferred to the Trust.
“Successor Trustee” – Any person or entity appointed in accordance with Section 6.2.
“Trust” and “Trust Estate” – Defined collectively in Section 1 and 2.
“Trustee” – The person or entity serving from time to time pursuant to Article 6.

[// GUIDANCE: Add additional defined terms as necessary for specialized assets (e.g., closely-held business interests, life insurance proceeds, cryptocurrency).]

4. ESTABLISHMENT OF TRUST & TRANSFER OF PROPERTY

4.1 Creation. Settlor hereby establishes the Trust and declares that the Trust Estate shall be held, administered, and distributed by Trustee as provided herein.

4.2 Funding. Contemporaneous with execution, Settlor transfers, assigns, conveys, and delivers to Trustee the property described in Schedule A. Additional property may be transferred to the Trust at any time by Settlor or any other person, by written assignment, deed, or other proper instrument of transfer.

4.3 Title to Trust Property. All indicia of ownership of Trust assets shall be held in the name “[FULL TRUST NAME], dated [EFFECTIVE DATE].”

4.4 No Bond. Unless otherwise required by a court of competent jurisdiction, no bond or other security shall be required of any Trustee.

5. RIGHTS RESERVED BY SETTLOR

5.1 Revocation and Amendment. During Settlor’s lifetime and capacity, Settlor may revoke or amend this Agreement, in whole or in part, by delivering a written instrument signed by Settlor to Trustee.

5.2 Beneficial Enjoyment. Settlor may receive distributions of income and principal as determined by Settlor or pursuant to any written request delivered to Trustee.

5.3 Determination of Settlor’s Disability.

(a) Certification. “Disability” of Settlor shall be established by (i) a written opinion of two licensed physicians stating that Settlor is unable to manage Settlor’s property and financial affairs, or (ii) an adjudication by a court of competent jurisdiction.
(b) Effect. Upon certification of Disability, the revocation and amendment powers of Settlor shall be suspended, and the Trust shall thereafter be irrevocable except as otherwise expressly provided.

5.4 Power of Appointment. Settlor reserves a limited testamentary power to appoint any part or all of the Trust Estate (excluding property subject to a qualified terminable interest or similar restriction) by specific reference in Settlor’s Last Will and Testament.

6. TRUSTEE PROVISIONS

6.1 Acceptance, Duties, and Standard of Care

(a) Acceptance. By signing this Agreement, Trustee accepts the office and agrees faithfully to perform the duties herein.
(b) Standard of Care. Trustee shall administer the Trust with the prudence, discretion, and diligence of a prudent person familiar with the matters of trust administration.
(c) Accountings. Trustee shall render annual written accountings (“Accountings”) to Settlor (if living and competent) and to all current Beneficiaries, unless waived in writing.

6.2 Successor Trustee Rules (Nebraska-Specific)

(a) Designated Successor. Settlor designates [PRIMARY SUCCESSOR TRUSTEE NAME] as first successor, and [SECONDARY SUCCESSOR TRUSTEE NAME] as second successor.
(b) Resignation. A Trustee may resign by thirty (30) days’ written notice to Settlor (if living) or, if Settlor is deceased or incapacitated, to the adult Beneficiaries entitled to current distributions.
(c) Removal. Settlor, or a majority in interest of the current adult Beneficiaries after Settlor’s death or Disability, may remove a Trustee with or without cause by written notice and appointment of a qualified Successor Trustee.
(d) Appointment if None Acting. If no Successor Trustee is able or willing to serve, a court of competent jurisdiction in Nebraska shall appoint a Trustee pursuant to Neb. Rev. Stat. § 30-38,102 et seq. [// GUIDANCE: Confirm statutory citation before use.]
(e) Effective Transfer. Title to Trust assets shall automatically vest in the Successor Trustee without need of conveyance; the predecessor Trustee shall execute documents reasonably requested to evidence such transfer.
(f) Disability of Trustee. “Disability” of a Trustee shall be determined under Section 5.3(a), mutatis mutandis.

6.3 Trustee Powers

Trustee shall have, in addition to powers under Nebraska law, all powers necessary or advisable to carry out the purposes of the Trust, including but not limited to the powers to:

1. Invest and reinvest in any kind of property;
2. Sell, exchange, lease, or mortgage Trust assets;
3. Operate any business;
4. Make distributions in cash or in-kind;
5. Allocate receipts and expenses between income and principal;
6. Employ and compensate professionals;
7. Commingle assets for investment purposes;
8. Make tax elections and file returns;
9. Execute any instrument needed to carry out Trust purposes.

6.4 Trustee Compensation & Reimbursement

Trustee shall be entitled to reasonable compensation consistent with prevailing Nebraska fiduciary fee schedules and to reimbursement for properly incurred expenses.

6.5 Trustee Indemnification & Exculpation

(a) Indemnity. To the fullest extent permitted by Governing Law, the Trust Estate shall indemnify and hold each Protected Person harmless from and against any and all claims, liabilities, losses, and expenses (including reasonable attorneys’ fees) arising out of or in connection with the administration of the Trust, except to the extent resulting from the Protected Person’s bad faith, willful misconduct, or gross negligence.

(b) Liability Cap. No Protected Person shall be liable in any event beyond the assets constituting the Trust Estate at the time the liability is determined.

7. BENEFICIARY RIGHTS & DISTRIBUTIONS

7.1 Beneficiaries. The Beneficiaries are:
(a) Primary Beneficiary(ies): [LIST NAMES & RELATIONSHIPS];
(b) Contingent Beneficiary(ies): [LIST].

7.2 Distribution Standard. During Settlor’s lifetime, Trustee shall distribute to Settlor such amounts of income or principal as Settlor may request in writing. After Settlor’s death, Trustee shall distribute the Trust Estate in accordance with the following terms (the “Distribution Standard”):
[INSERT DETAILED TERMS: e.g., staggered ages, education expenses, health/maintenance support, sprinkle powers].

7.3 Spendthrift. All interests of Beneficiaries are held subject to a spendthrift restriction prohibiting voluntary or involuntary alienation before actual receipt.

8. REVOCATION, AMENDMENT, AND TERMINATION

8.1 Revocation/Amendment. As provided in Section 5.1. Any instrument of revocation or amendment shall be notarized and delivered to Trustee.

8.2 Termination. The Trust shall terminate upon the earliest to occur of:
(a) Complete distribution of the Trust Estate pursuant to Section 7;
(b) Written agreement of Settlor and all Beneficiaries then entitled to receive or eligible to receive distributions; or
(c) Court order.

Upon termination, Trustee shall distribute remaining assets to the persons then entitled thereto and shall render a final Accounting.

9. ADMINISTRATIVE & TAX PROVISIONS

9.1 Taxpayer Identification. During Settlor’s life, the Trust shall report under Settlor’s social security number; upon Settlor’s death, Trustee shall obtain a separate EIN.

9.2 Tax Reimbursement. Trustee may, but shall not be required to, reimburse Settlor’s estate for any estate, inheritance, or generation-skipping transfer taxes attributable to Trust assets.

9.3 Elections. Trustee may make any tax elections deemed advisable, including elections under Subchapter J of the Internal Revenue Code.

10. DEFAULT & REMEDIES

10.1 Events of Default. For purposes of Trustee duties, an “Event of Default” occurs if Trustee materially breaches any fiduciary duty or this Agreement.

10.2 Notice & Cure. Any interested party may deliver written notice of default specifying the breach. Trustee shall have thirty (30) days to cure.

10.3 Remedies. If uncured, the Forum Court may:
(a) Remove or suspend Trustee;
(b) Order an accounting;
(c) Surcharge Trustee personally (subject to Section 6.5(b));
(d) Grant injunctive relief.

10.4 Attorneys’ Fees. In any action relating to an Event of Default, the prevailing party shall be entitled to reasonable attorneys’ fees and costs, payable from the Trust Estate unless the Trustee is surcharged.

11. RISK ALLOCATION

11.1 Indemnification. As provided in Section 6.5.

11.2 Limitation of Liability. As provided in Section 6.5(b).

11.3 Insurance. Trustee may maintain fiduciary liability insurance, the premiums of which shall be payable from the Trust Estate.

11.4 Force Majeure. Trustee shall not be liable for failure to perform due to acts of God, governmental action, or other events beyond Trustee’s reasonable control.

12. DISPUTE RESOLUTION

12.1 Governing Law & Forum Selection. This Agreement is governed by Nebraska law. The Forum Court shall have exclusive jurisdiction over all Trust matters.

12.2 Arbitration (Optional). By initialing below, the Settlor and Trustee elect binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association for any dispute not subject to mandatory probate jurisdiction (“Arbitration Option”).
Settlor Initials: _ Trustee Initials: _

12.3 Injunctive Relief. Nothing herein limits any party’s right to seek provisional or injunctive relief from the Forum Court to enforce Trust provisions.

12.4 Jury Waiver. To the extent a matter is heard in a court of law and jury trial is not constitutionally required, the parties waive trial by jury. This waiver does not apply to matters within the exclusive jurisdiction of the probate court where jury trial is unavailable.

13. GENERAL PROVISIONS

13.1 Amendment & Waiver. Except as otherwise provided, any amendment must be in writing signed by Settlor (if living and competent) or by Trustee and all current Beneficiaries, and any waiver must be in writing signed by the waiving party. No waiver shall constitute a continuing waiver unless expressly so stated.

13.2 Assignment. No party may assign rights or delegate duties hereunder except as expressly permitted.

13.3 Successors & Assigns. This Agreement shall bind and inure to the benefit of the parties and their respective successors, assigns, and legal representatives.

13.4 Severability. If any provision is held invalid, the remaining provisions shall remain in full force, and a court may reform the Agreement to effectuate intent.

13.5 Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter and supersedes all prior agreements.

13.6 Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which is deemed an original, and may be executed and delivered by facsimile, PDF, or compliant electronic signature.

14. EXECUTION BLOCK

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

Settlor:

[SETTLOR LEGAL NAME]

Date: _______

Trustee:

[TRUSTEE LEGAL NAME], Trustee

Date: _______

Acknowledgment (Notary)

State of Nebraska )
County of [COUNTY] ) ss.

On this _ day of _, 20__, before me, the undersigned Notary Public, personally appeared [SETTLOR NAME] and [TRUSTEE NAME], known to me or satisfactorily proven to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.

Notary Public
My Commission Expires: ____

[// GUIDANCE: Add witnessing lines if required for real property transfers or as a best practice in NE.]

15. EXHIBITS & SCHEDULES

• Schedule A – Assignment of Property to Trust
• Schedule B – Successor Trustee Acceptance (optional)
• Exhibit 1 – Certification of Trust (for third-party use)

[// GUIDANCE:
1. Complete Schedule A with a detailed list of assets (real property legal descriptions, account numbers, vehicle VINs, etc.).
2. For any real property, record a deed transferring title to the Trustee; recordation requirements include a filing with the appropriate County Register of Deeds.
3. Provide a stand-alone “Certification of Trust” pursuant to Neb. Rev. Stat. § 30-38,102 for use with financial institutions and third parties.
4. Review Nebraska’s Uniform Trust Code, applicable federal transfer tax regulations, and any county-specific probate court rules before finalizing.
5. Consider integrating incapacity planning instruments (e.g., durable power of attorney, advance directive) for comprehensive estate planning.]