2021 Nebraska Revised Statutes
Chapter 30 - Decedents' Estates; Protection of Persons and Property
30-4620 - Disposition of unappointed property under released or unexercised general power.
30-4620. Disposition of unappointed property under released or unexercised general power.
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 default clause or to the extent the clause is ineffective:
(A) except as otherwise provided in subdivision (B) of this subdivision, the unappointed property passes to:
(i) the powerholder if the powerholder is a permissible appointee and living; or
(ii) if the powerholder is an impermissible appointee or deceased, the powerholder's estate if the estate is a permissible appointee; or
(B) to the extent the powerholder released the power, or if there is no taker under subdivision (A) of this subdivision, the unappointed property passes under a reversionary interest to the donor or the donor's transferee or successor in interest.
Source
- Laws 2021, LB501, ยง 43.
- Effective Date: August 28, 2021
