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858 sections in this chapter.
Neb. Rev. Stat. § 30-3507 Multiple beneficiaries; separate custodial trusts; survivorship.
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(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is pre…
Neb. Rev. Stat. § 30-3508 General duties of custodial trustee.
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(a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or re…
Neb. Rev. Stat. § 30-3509 General powers of custodial trustee.
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(a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b)…
Neb. Rev. Stat. § 30-3510 Use of custodial trust property.
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(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary, while not incapacitated, may direct in writing from time to time. (b) If the beneficiary is incapacitated, the c…
Neb. Rev. Stat. § 30-3511 Determination of incapacity; effect.
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(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section 30-3506, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has …
Neb. Rev. Stat. § 30-3512 Exemption of third person from liability.
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A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not…
Neb. Rev. Stat. § 30-3513 Liability to third person.
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(a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third …
Neb. Rev. Stat. § 30-3514 Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee.
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(a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor's legal representative. If an event giving rise to a transfer has not occurred, the…
Neb. Rev. Stat. § 30-3515 Expenses, compensation, and bond of custodial trustee.
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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiducia…
Neb. Rev. Stat. § 30-3516 Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
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(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement that the custodial trust property is held pursuant to the Nebraska Uniform Custodial Trust Act and describing the custodial trust property. The custodial trustee shall the…
Neb. Rev. Stat. § 30-3517 Limitations of action against custodial trustee.
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(a) Except as provided in subsections (b) and (c) of this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust pro…
Neb. Rev. Stat. § 30-3518 Distribution on termination.
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(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) To the beneficiary, if not incapacitated or deceased; (2) To the holder of the beneficiary's power of attorney; (3) To the conservator or other recipient d…
Neb. Rev. Stat. § 30-3519 Methods and forms for creating custodial trusts.
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(a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 30-3503 are satisfied by: (1) The execution and either delivery to the custodial trustee or recording of an instrument in …
Neb. Rev. Stat. § 30-3520 Applicability of act.
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(a) The Nebraska Uniform Custodial Trust Act applies to a transfer or declaration creating a custodial trust that refers to the act if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of bus…
Neb. Rev. Stat. § 30-3521 Custodial trust; aggregate value; limitation.
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Transfers or declarations of property to a custodial trust under the Nebraska Uniform Custodial Trust Act shall not exceed, in the aggregate, one hundred thousand dollars in net value, exclusive of the value of the transferor's or declarant's personal residence. This limitation d…
Neb. Rev. Stat. § 30-3522 Act; application and construction.
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The Nebraska Uniform Custodial Trust Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of the act among states enacting it.
Neb. Rev. Stat. § 30-3601 Act, how cited.
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Sections 30-3601 to 30-3604 shall be known and may be cited as the Uniform Testamentary Additions to Trusts Act (1991).
Neb. Rev. Stat. § 30-3602 Testamentary additions to trusts.
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(a) A will may validly devise or bequeath property to the trustee of a trust established or to be established (i) during the testator's lifetime by the testator, by the testator and some other person, or by some other person including a funded or unfunded life insurance trust, al…
Neb. Rev. Stat. § 30-3603 Act; applicability.
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The Uniform Testamentary Additions to Trusts Act (1991) applies to a will of a testator who dies on or after August 28, 1999.
Neb. Rev. Stat. § 30-3604 Act; how construed.
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The Uniform Testamentary Additions to Trusts Act (1991) shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of the act among states enacting it.
Neb. Rev. Stat. § 30-38,100 (UTC 1011) Interest as general partner.
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(UTC 1011) (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by t…
Neb. Rev. Stat. § 30-38,101 (UTC 1012) Protection of person dealing with trustee.
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(UTC 1012) (a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trust…
Neb. Rev. Stat. § 30-38,102 Certification of trust; use; form.
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(a) A trustee may present a certification of trust to any person other than a beneficiary in lieu of a copy of any trust instrument to establish the existence or terms of the trust. The trustee may present the certification of trust voluntarily or at the request of the person wit…
Neb. Rev. Stat. § 30-38,103 Certification of trust; contents.
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(a) A certification of trust may confirm the following facts or contain the following information: (1) The existence of a trust and, for an inter vivos trust, the date of execution or, for a testamentary trust, the date of death of the decedent; (2) The identity of the grantor, s…
Neb. Rev. Stat. § 30-38,104 Certification of trust; additional information authorized.
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A certification of trust need not contain the dispositive provisions of the trust, but the person to whom the certification of trust is presented may require copies of, or excerpts from, any trust instrument which designates the trustee or confers upon the trustee power to act in…
Neb. Rev. Stat. § 30-38,105 Reliance upon certification of trust; liability.
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A person who acts in reliance upon a certification of trust without any knowledge that the representations contained in the certification of trust are incorrect is not liable to any person for such actions. A person who does not know that the representations contained in the cert…
Neb. Rev. Stat. § 30-38,106 Certification of trust; use; effect.
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A person's failure to demand a certification of trust, or his or her refusal to accept and rely solely on a certification of trust, shall not be considered an improper act, and no inference as to whether he or she has acted in good faith shall be drawn from the failure to demand,…
Neb. Rev. Stat. § 30-38,107 Sections; applicability.
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Sections 30-38,102 to 30-38,106 apply to all trusts whether established pursuant to Nebraska law or established pursuant to the law of another state or jurisdiction.
Neb. Rev. Stat. § 30-38,108 (UTC 1101) Uniformity of application and construction.
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(UTC 1101) In applying and construing the Nebraska Uniform Trust Code, 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. § 30-38,109 (UTC 1102) Electronic records and signatures.
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(UTC 1102) The provisions of the Nebraska Uniform Trust Code governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of sec…
Neb. Rev. Stat. § 30-38,110 (UTC 1106) Application to existing relationships.
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(UTC 1106) (a) Except as otherwise provided in the Nebraska Uniform Trust Code, on January 1, 2005: (1) the code applies to all trusts created before, on, or after January 1, 2005; (2) the code applies to all judicial proceedings concerning trusts commenced on or after January 1,…
Neb. Rev. Stat. § 30-38,111 Individuals with disabilities; policy of the state.
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It is the policy of the State of Nebraska to encourage the use of an achieving a better life experience account established as provided in sections 77-1401 to 77-1409 under a qualified ABLE program as defined under section 529A of the Internal Revenue Code of 1986, as amended, an…
Neb. Rev. Stat. § 30-38,112 Terms, defined.
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For purposes of sections 30-38,111 to 30-38,115: (1) Beneficiary with a disability means a beneficiary of a trust, who a special needs fiduciary believes may qualify for governmental benefits based on disability whether or not the beneficiary currently receives those benefits, or…
Neb. Rev. Stat. § 30-38,113 State agency; means-tested programs; rules and regulations.
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(1) Each state agency that provides governmental benefits to individuals of any age with disabilities through means-tested programs, including the medical assistance program, shall adopt and promulgate rules and regulations that: (a) Are not more restrictive than existing federal…
Neb. Rev. Stat. § 30-38,114 Nonprofit status; determination; effect.
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(1) A determination by the Internal Revenue Service regarding the nonprofit status of a nonprofit organization operating a pooled special needs trust shall be sufficient to satisfy the nonprofit requirement of 42 U.S.C. 1396p(d)(4)(C). (2) A state agency may not impose additional…
Neb. Rev. Stat. § 30-38,115 Special needs trusts; applicability of rules and regulations.
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Any rule or regulation adopted and promulgated by a state agency regarding pooled special needs trusts shall apply only to those trust beneficiaries who are residents of the state or who receive governmental benefits funded by the state.
Neb. Rev. Stat. § 30-3801 (UTC 101) Nebraska Uniform Trust Code, how cited.
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(UTC 101) Sections 30-3801 to 30-38,115 shall be known and may be cited as the Nebraska Uniform Trust Code.
Neb. Rev. Stat. § 30-3802 (UTC 102) Scope.
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(UTC 102) The Nebraska Uniform Trust Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
Neb. Rev. Stat. § 30-3803 (UTC 103) Definitions.
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(UTC 103) In the Nebraska Uniform Trust Code: (1) "Action", with respect to an act of a trustee, includes a failure to act. (2) "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1…
Neb. Rev. Stat. § 30-3804 (UTC 104) Knowledge.
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(UTC 104) (a) Subject to subsection (b) of this section, a person has knowledge of a fact if the person: (1) has actual knowledge of it; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has r…
Neb. Rev. Stat. § 30-3805 (UTC 105) Default and mandatory rules.
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(UTC 105) (a) Except as otherwise provided in the terms of the trust, the Nebraska Uniform Trust Code governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of the co…
Neb. Rev. Stat. § 30-3806 (UTC 106) Common law of trusts; principles of equity.
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(UTC 106) The common law of trusts and principles of equity supplement the Nebraska Uniform Trust Code, except to the extent modified by the code or another statute of this state.
Neb. Rev. Stat. § 30-3807 (UTC 107) Governing law.
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(UTC 107) (a) Except as provided in subsection (b) of this section, the meaning and effect of the terms of a trust are determined by: (1) the law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of…
Neb. Rev. Stat. § 30-3808 (UTC 108) Principal place of administration.
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(UTC 108) (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) a trustee's principal place of business is located in or a …
Neb. Rev. Stat. § 30-3809 (UTC 109) Methods and waiver of notice.
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(UTC 109) (a) Notice to a person under the Nebraska Uniform Trust Code or the sending of a document to a person under the code must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible metho…
Neb. Rev. Stat. § 30-3810 (UTC 110) Others treated as qualified beneficiaries.
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(UTC 110) (a) Whenever notice to qualified beneficiaries of a trust is required under the Nebraska Uniform Trust Code, the trustee must also give notice to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization expressly designated to r…
Neb. Rev. Stat. § 30-3811 (UTC 111) Nonjudicial settlement agreements.
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(UTC 111) (a) For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Except as otherwise provided in subsection (c) of this section, interested …
Neb. Rev. Stat. § 30-3811.01 (UTC 112) Rules of construction.
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(UTC 112) The rules of construction that apply in this state to the interpretation and disposition of property by will shall also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property.
Neb. Rev. Stat. § 30-3812 (UTC 201) Role of court in administration of trust.
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(UTC 201) (a) The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law. (b) A trust is not subject to continuing judicial supervision unless ordered by the court. (c) A judicial proceeding inv…
Neb. Rev. Stat. § 30-3813 (UTC 202) Jurisdiction over trustee and beneficiary.
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(UTC 202) (a) By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of the courts of this state regarding any matter i…