Chapter 30 — DECEDENTS' ESTATES; PROTECTION OF PERSONS AND PROPERTY
1,179 sections in this chapter.
Neb. Rev. Stat. § 30-4515 Trust limitation on decanting.
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(a) An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust to anot…
Neb. Rev. Stat. § 30-4516 Change in compensation.
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(a) If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary may not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to th…
Neb. Rev. Stat. § 30-4517 Relief from liability and indemnification.
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(a) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (b) A second-trust instrument may provide for indemnification of an authoriz…
Neb. Rev. Stat. § 30-4518 Removal or replacement of authorized fiduciary.
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An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: (1) the person holding the power consents to the modification in a signed record and the modific…
Neb. Rev. Stat. § 30-4519 Tax-related limitations.
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(a) In this section: (1) Grantor trust means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 to 677 or 26 U.S.C. 679, as such sections existed on November 14, 2020. (2) Internal Revenue Code means the Internal Revenue Code of 1986, as am…
Neb. Rev. Stat. § 30-4520 Duration of second trust.
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(a) Subject to subsection (b) of this section, a second trust may have a duration that is the same as or different from the duration of the first trust. (b) To the extent that property of a second trust is attributable to property of the first trust, the property of the second tr…
Neb. Rev. Stat. § 30-4521 Need to distribute not required.
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An authorized fiduciary may exercise the decanting power whether or not under the first trust's discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise.
Neb. Rev. Stat. § 30-4522 Saving provision.
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(a) If exercise of the decanting power would be effective under the Uniform Trust Decanting Act except that the second-trust instrument in part does not comply with the act, the exercise of the power is effective and the following rules apply with respect to the principal of the …
Neb. Rev. Stat. § 30-4523 Trust for care of animal.
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(a) In this section: (1) Animal trust means a trust or an interest in a trust created to provide for the care of one or more animals. (2) Protector means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the t…
Neb. Rev. Stat. § 30-4524 Terms of second trust.
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A reference in the Nebraska Uniform Trust Code to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust.
Neb. Rev. Stat. § 30-4525 Settlor.
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(a) For purposes of law of this state other than the Uniform Trust Decanting Act and subject to subsection (b) of this section, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to th…
Neb. Rev. Stat. § 30-4526 Later-discovered property.
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(a) Except as otherwise provided in subsection (c) of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acqu…
Neb. Rev. Stat. § 30-4527 Obligations.
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A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.
Neb. Rev. Stat. § 30-4528 Uniformity of application and construction.
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In applying and construing the Uniform Trust Decanting Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Neb. Rev. Stat. § 30-4529 Relation to federal Electronic Signatures in Global and National Commerce Act.
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The Uniform Trust Decanting Act modifies, limits, or supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery …
Neb. Rev. Stat. § 30-4601 Short title.
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Sections 30-4601 to 30-4638 shall be known and may be cited as the Uniform Powers of Appointment Act.
Neb. Rev. Stat. § 30-4602 Definitions.
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In the Uniform Powers of Appointment Act: (1) Appointee means a person to which a powerholder makes an appointment of appointive property. (2) Appointive property means the property or property interest subject to a power of appointment. (3) Blanket exercise clause means a clause…
Neb. Rev. Stat. § 30-4603 Governing law.
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Unless the terms of the instrument creating a power of appointment manifest a contrary intent: (1) the creation, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and (2) the exercise, release, renunciation, or disclaimer o…
Neb. Rev. Stat. § 30-4604 Common law and principles of equity.
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The common law and principles of equity supplement the Uniform Powers of Appointment Act except to the extent modified by the Uniform Powers of Appointment Act or law of this state other than the Uniform Powers of Appointment Act.
Neb. Rev. Stat. § 30-4605 Creation of power of appointment.
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(a) A power of appointment is created only if: (1) the instrument creating the power: (A) is valid under applicable law; and (B) except as otherwise provided in subsection (b) of this section, transfers the appointive property; and (2) the terms of the instrument creating the pow…
Neb. Rev. Stat. § 30-4606 Nontransferability.
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A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.
Neb. Rev. Stat. § 30-4607 Presumption of unlimited authority.
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Subject to section 30-4609, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (1) presently exercisable; (2) exclusionary; and (3) except as otherwise provided in section 30-4609, general.
Neb. Rev. Stat. § 30-4608 Exception to presumption of unlimited authority.
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Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: (1) the power is exercisable only at the powerholder's death; and (2) the permissible appointees of the power are a defined and limited class that does not i…
Neb. Rev. Stat. § 30-4609 Rules of classification.
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(a) In this section, adverse party means a person with a substantial beneficial interest in property which would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the pow…
Neb. Rev. Stat. § 30-4610 Power to revoke or amend.
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A donor may revoke or amend a power of appointment only to the extent that: (1) the instrument creating the power is revocable by the donor; or (2) the donor reserves a power of revocation or amendment in the instrument creating the power of appointment.
Neb. Rev. Stat. § 30-4611 Requisites for exercise of power of appointment.
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A power of appointment is exercised only: (1) if the instrument exercising the power is valid under applicable law; (2) if the terms of the instrument exercising the power: (A) manifest the powerholder's intent to exercise the power; and (B) subject to section 30-4614, satisfy th…
Neb. Rev. Stat. § 30-4612 Intent to exercise: Determining intent from residuary clause.
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(a) In this section: (1) Residuary clause does not include a residuary clause containing a blanket exercise clause or a specific exercise clause. (2) Will includes a codicil and a testamentary instrument that revises another will. (b) A residuary clause in a powerholder's will, o…
Neb. Rev. Stat. § 30-4613 Intent to exercise: After-acquired power.
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Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: (1) except as otherwise provided in subdivision (2) of this section, a blanket exercise clause extends to a power acquired by the powerholder after executing the instrument containing…
Neb. Rev. Stat. § 30-4614 Substantial compliance with donor-imposed formal requirement.
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A powerholder's substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: (1) the powerholder knows of …
Neb. Rev. Stat. § 30-4615 Permissible appointment.
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(a) A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the powe…
Neb. Rev. Stat. § 30-4616 Appointment to deceased appointee or permissible appointee's descendant.
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(a) Subject to section 30-2343, an appointment to a deceased appointee is ineffective. (b) Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercise the power in favor of, or create a new power …
Neb. Rev. Stat. § 30-4617 Impermissible appointment.
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(a) Except as otherwise provided in section 30-4616, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. (b) An exercise of a power of appointment in favor of a permissible appointee is ineffective to the extent the appointment is a fraud …
Neb. Rev. Stat. § 30-4618 Selective allocation doctrine.
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If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the powerholder's intent.
Neb. Rev. Stat. § 30-4619 Capture doctrine: Disposition of ineffectively appointed property under general power.
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To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: (1) the gift in default clause controls the disposition of the ineffectively appointed property; or (2) if ther…
Neb. Rev. Stat. § 30-4620 Disposition of unappointed property under released or unexercised general power.
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To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust: (1) the gift in default clause controls the disposition of the unappointed property; or (2) if there is no gift in defa…
Neb. Rev. Stat. § 30-4621 Disposition of unappointed property under released or unexercised nongeneral power.
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To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) the gift in default clause controls the disposition of the unappointed property; or (2) if there is no gift in default clause or to the extent the clause is …
Neb. Rev. Stat. § 30-4622 Disposition of unappointed property if partial appointment to taker in default.
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Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share fully in unappointed property.
Neb. Rev. Stat. § 30-4623 Appointment to taker in default.
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If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift in default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes und…
Neb. Rev. Stat. § 30-4624 Powerholder's authority to revoke or amend exercise.
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A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: (1) the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument crea…
Neb. Rev. Stat. § 30-4625 Disclaimer.
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As provided by section 30-2352: (1) A powerholder may renounce all or part of a power of appointment. (2) A permissible appointee, appointee, or taker in default of appointment may renounce all or part of an interest in appointive property.
Neb. Rev. Stat. § 30-4626 Authority to release.
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A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release.
Neb. Rev. Stat. § 30-4627 Method of release.
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A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrument creating the power do not provide a method o…
Neb. Rev. Stat. § 30-4628 Revocation or amendment of release.
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A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or amendment in the instrument of release.
Neb. Rev. Stat. § 30-4629 Power to contract: Presently exercisable power of appointment.
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A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit on an impermissible appointee.
Neb. Rev. Stat. § 30-4630 Power to contract: Power of appointment not presently exercisable.
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A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (1) is also the donor of the power; and (2) has reserved the power in a revocable trust.
Neb. Rev. Stat. § 30-4631 Remedy for breach of contract to appoint or not to appoint.
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The remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract.
Neb. Rev. Stat. § 30-4632 Creditor claim: General power created by powerholder.
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(a) In this section, power of appointment created by the powerholder includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfer. (b) Appointive property subject to a general power of appointment created …
Neb. Rev. Stat. § 30-4633 Creditor claim: General power not created by powerholder.
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(a) Except as otherwise provided in subsection (b) of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of: (1) the powerholder, to the extent the powerholder's property i…
Neb. Rev. Stat. § 30-4634 Power to withdraw.
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(a) For purposes of the Uniform Powers of Appointment Act, and except as otherwise provided in subsection (b) of this section, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment…
Neb. Rev. Stat. § 30-4635 Creditor claim: Nongeneral power.
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(a) Except as otherwise provided in subsections (b) and (c) of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate. (b) Appointive property subject to a nongeneral power…