Nebraska § 30-4620 Disposition of unappointed property under released or unexercised general power

Nebraska Statutes

§ 30-4620 — Disposition of unappointed property under released or unexercised general power

Nebraska·Ch. 30 Decedents' Estates; Protection of Persons and Property

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 p

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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.

Nebraska § 30-4620 (Disposition of unappointed property under released or unexercised general power) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.