§ 30-4034 — Estates, trusts, and other beneficial interests

Nebraska § 30-4034

• Jurisdiction: Nebraska
• Ch. 30: Decedents' Estates; Protection of Persons and Property

Text

(1)
For purposes of this section, estate, trust, or other beneficial interest
means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship
or a fund from which the principal is, may become, or claims to be, entitled
to a share or payment.
(2) Unless the power
of attorney otherwise provides, language in a power of attorney granting general
authority with respect to estates, trusts, and other beneficial interests
authorizes the agent to:
(a)
Accept, receive, receipt for, sell, assign, pledge, or exchange a share in
or payment from an estate, trust, or other beneficial interest;
(b) Demand or obtain
money or another thing of value to which the principal is, may become, or
claims to be, entitled by reason of an estate, trust, or other beneficial
interest, by litigation or otherwise;
(c) Exercise for the benefit of the principal a presently
exercisable general power of appointment held by the principal;
(d) Initiate, participate
in, submit to alternative dispute resolution, settle, oppose, or propose or
accept a compromise with respect to litigation to ascertain the meaning, validity,
or effect of a deed, will, declaration of trust, or other instrument or transaction
affecting the interest of the principal;
(e) Initiate, participate in, submit to alternative
dispute resolution, settle, oppose, or propose or accept a compromise with
respect to litigation to remove, substitute, or surcharge a fiduciary;
(f) Conserve, invest,
disburse, or use anything received for an authorized purpose; and
(g) Transfer an interest
of the principal in real property, stocks and bonds, accounts with financial
institutions or securities intermediaries, insurance, annuities, and other
property to the trustee of a revocable trust created by the principal as settlor.

Legislative History

Source: Laws 2012, LB1113, § 34.