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Code · Nebraska · Chapter 30 — Decedents' Estates; Protection of Persons and Property

30-3840. (UTC 414) Modification or termination of uneconomic trust.

126 words·~1 min read·/ne/chapter-30/30-3840

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(UTC 414)
(a)After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b)The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c)Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(d)This section does not apply to an easement for conservation or preservation.
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