30-4305. (UDTA 5) Exclusions.
(UDTA 5) (a) In this section, power of appointment means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
(b) The Nebraska Uniform Directed Trust Act does not apply to a:
(1) power of appointment;
(2) power to appoint or remove a trustee or trust director;
(3) power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(4) power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(A) the beneficiary; or
(B) the beneficial interest of another beneficiary represented by the beneficiary under sections 30-3822 to 30-3826 with respect to the exercise or nonexercise of the power; or
(5) power over a trust if:
(A) the terms of the trust provide that the power is held in a nonfiduciary capacity; and
(B) the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the Internal Revenue Code of 1986 as defined in section 49-801.01.
(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.
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