Trust Administration - Procedure and Administration

Abstract

FIRST PARAGRAPH(S)|First, the important definitions of the Nebraska Probate Code are presented in section 30-2209. The definition of "beneficiary" in section 30-2209(2) is somewhat broader than might be imagined. When speaking of beneficiaries, reference is normally made to current, vested, or likely to be vested interests. The Nebraska Probate Code expands this to include "contingent" interests. This definition will have implications which will be explained in the section concerning the trustee's duty to inform and account to the beneficiaries. The definition of "trust" in section 30-2209(50) essentially excludes all trusts except those which are expressed and those which are ordered by the court, e.g., a trust arising from a divorce decree. The definition explicitly enumerates trusts which are to be excluded. The definition of "trustee" in section 30-2209(51) includes original, additional, or successor trustees whether or not confirmed or appointed by the court...