Chapter 30 — DECEDENTS' ESTATES; PROTECTION OF PERSONS AND PROPERTY
1,179 sections in this chapter.
Neb. Rev. Stat. § 30-3850 (UTC 505) Creditor's claim against settlor.
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(UTC 505) (a) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. (2) With respect to an irrevocable trust: (A) A…
Neb. Rev. Stat. § 30-3851 (UTC 506) Mandatory distribution.
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(UTC 506) (a) In this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distributio…
Neb. Rev. Stat. § 30-3852 (UTC 507) Personal obligations of trustee.
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(UTC 507) Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
Neb. Rev. Stat. § 30-3853 (UTC 601) Capacity of settlor of revocable trust.
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(UTC 601) The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
Neb. Rev. Stat. § 30-3854 (UTC 602) Revocation or amendment of revocable trust.
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(UTC 602) (a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before January 1, 2005. (b) If a revocable trust is created or fund…
Neb. Rev. Stat. § 30-3855 (UTC 603) Rights and duties.
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(UTC 603) (a) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an advers…
Neb. Rev. Stat. § 30-3856 (UTC 604) Limitation on action contesting validity of revocable trust; distribution of trust property.
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(UTC 604) (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of: (1) one year after the settlor's death; or (2) one hundred twenty days after the trustee sent the person a copy of the tru…
Neb. Rev. Stat. § 30-3857 (UTC 701) Accepting or declining trusteeship.
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(UTC 701) (a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the trust; (2) if the terms of the trust do not provide a meth…
Neb. Rev. Stat. § 30-3858 (UTC 702) Trustee's bond.
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(UTC 702) (a) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) The…
Neb. Rev. Stat. § 30-3859 (UTC 703) Cotrustees.
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(UTC 703) (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision, except that any cotrustee may act independently as provided in section 30-901. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) Subje…
Neb. Rev. Stat. § 30-3860 (UTC 704) Vacancy in trusteeship; appointment of successor.
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(UTC 704) (a) A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a…
Neb. Rev. Stat. § 30-3861 (UTC 705) Resignation of trustee.
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(UTC 705) (a) A trustee may resign: (1) upon at least thirty days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (2) with the approval of the court. (b) In approving a resignation, the court may issue orders and impose conditions reasonably…
Neb. Rev. Stat. § 30-3862 (UTC 706) Removal of trustee.
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(UTC 706) (a) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperat…
Neb. Rev. Stat. § 30-3863 (UTC 707) Delivery of property by former trustee.
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(UTC 707) (a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to pr…
Neb. Rev. Stat. § 30-3864 (UTC 708) Compensation of trustee.
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(UTC 708) (a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specifie…
Neb. Rev. Stat. § 30-3865 (UTC 709) Reimbursement of expenses.
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(UTC 709) (a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that…
Neb. Rev. Stat. § 30-3866 (UTC 801) Duty to administer trust.
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(UTC 801) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with the Nebraska Uniform Trust Code.
Neb. Rev. Stat. § 30-3867 (UTC 802) Duty of loyalty.
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(UTC 802) (a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in section 30-38,101, a sale, encumbrance, or other transaction involving the investment or mana…
Neb. Rev. Stat. § 30-3868 (UTC 803) Impartiality.
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(UTC 803) If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
Neb. Rev. Stat. § 30-3869 (UTC 804) Prudent administration.
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(UTC 804) A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
Neb. Rev. Stat. § 30-3870 (UTC 805) Costs of administration.
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(UTC 805) In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
Neb. Rev. Stat. § 30-3871 (UTC 806) Trustee's skills.
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(UTC 806) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
Neb. Rev. Stat. § 30-3872 Delegation by trustee.
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A trustee may delegate functions as provided in section 30-3888.
Repealed. Laws 2019, LB536, § 25.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3874 (UTC 809) Control and protection of trust property.
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(UTC 809) A trustee shall take reasonable steps to take control of and protect the trust property.
Neb. Rev. Stat. § 30-3875 (UTC 810) Record keeping and identification of trust property.
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(UTC 810) (a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's own property. (c) Except as otherwise provided in subsection (d) of this section, a trustee shall cause the trust property t…
Neb. Rev. Stat. § 30-3876 (UTC 811) Enforcement and defense of claims.
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(UTC 811) A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
Neb. Rev. Stat. § 30-3877 (UTC 812) Collecting trust property.
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(UTC 812) A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to redress a breach of trust known to the trustee to have been committed by a former trustee.
Neb. Rev. Stat. § 30-3878 (UTC 813) Duty to inform and report.
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(UTC 813) (a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly res…
Neb. Rev. Stat. § 30-3879 (UTC 814) Discretionary powers; tax savings.
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(UTC 814) (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute", "sole", or "uncontrolled", the trustee shall exercise a discretionary power in good faith and in accordance with the terms and pu…
Neb. Rev. Stat. § 30-3880 (UTC 815) General powers of trustee.
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(UTC 815) (a) A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (A) all powers over the trust property which an unmarried competent owner has over individually owned pr…
Neb. Rev. Stat. § 30-3881 (UTC 816) Specific powers of trustee.
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(UTC 816) (a) Without limiting the authority conferred by section 30-3880, a trustee may: (1) collect trust property and accept or reject additions to the trust property from a settlor or any other person; (2) acquire or sell property, for cash or on credit, at public or private …
Neb. Rev. Stat. § 30-3882 (UTC 817) Distribution upon termination.
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(UTC 817) (a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection w…
Neb. Rev. Stat. § 30-3883 Prudent investor rule.
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(a) Except as otherwise provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in sections 30-3883 to 30-3889. (b) The prudent investor rule, a def…
Neb. Rev. Stat. § 30-3884 Standard of care; portfolio strategy; risk and return objectives.
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(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A …
Neb. Rev. Stat. § 30-3885 Diversification.
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A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
Neb. Rev. Stat. § 30-3886 Duties at inception of trusteeship.
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Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, …
Neb. Rev. Stat. § 30-3887 Reviewing compliance.
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Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
Neb. Rev. Stat. § 30-3888 Delegation of investment and management functions.
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(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) Selecting an agent; (2) Establishing the scope and te…
Neb. Rev. Stat. § 30-3889 Language invoking standard of prudent investor rule.
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The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the prudent investor rule set forth in sections 30-3883 to 30-3889: Investments permissible by law for investment o…
Neb. Rev. Stat. § 30-3890 (UTC 1001) Remedies for breach of trust.
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(UTC 1001) (a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee's duties; (2) enjoin the trustee from committing …
Neb. Rev. Stat. § 30-3891 (UTC 1002) Damages for breach of trust.
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(UTC 1002) (a) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profi…
Neb. Rev. Stat. § 30-3892 (UTC 1003) Damages in absence of breach.
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(UTC 1003) (a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in …
Neb. Rev. Stat. § 30-3893 (UTC 1004) Attorney's fees and costs.
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(UTC 1004) In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the co…
Neb. Rev. Stat. § 30-3894 (UTC 1005) Limitation of action against trustee.
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(UTC 1005) (a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of t…
Neb. Rev. Stat. § 30-3895 (UTC 1006) Reliance on trust instrument.
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(UTC 1006) A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.
Neb. Rev. Stat. § 30-3896 (UTC 1007) Event affecting administration or distribution.
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(UTC 1007) If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a …
Neb. Rev. Stat. § 30-3897 (UTC 1008) Exculpation of trustee.
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(UTC 1008) (a) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interes…
Neb. Rev. Stat. § 30-3898 (UTC 1009) Beneficiary's consent, release, or ratification.
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(UTC 1009) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (1) the consent, release, …
Neb. Rev. Stat. § 30-3899 (UTC 1010) Limitation on personal liability of trustee.
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(UTC 1010) (a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (b) A …