Nebraska Statutes 30-4612. Intent to exercise: Determining intent from residuary clause
(a) In this section:
Terms Used In Nebraska Statutes 30-4612
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(1) Residuary clause does not include a residuary clause containing a blanket exercise clause or a specific exercise clause.
(2) Will includes a codicil and a testamentary instrument that revises another will.
(b) A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
(1) the terms of the instrument containing the residuary clause do not manifest a contrary intent;
(2) the power is a general power exercisable in favor of the powerholder’s estate;
(3) there is no gift in default clause or the clause is ineffective; and
(4) the powerholder did not release the power.