Nebraska Statutes 30-3515. Expenses, compensation, and bond of custodial trustee
Current as of: 2023 | Check for updates
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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
Terms Used In Nebraska Statutes 30-3515
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
(2) Has a noncumulative election, to be made no later than three months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
(3) Need not furnish a bond or other security for the faithful performance of fiduciary duties.