(UTC 603) (a) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, the trustee may follow a direction from the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.
(b) While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(c) While the trust is irrevocable and during the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section and the duties of the trustee are owed exclusively to the holder of the power to the extent of the property subject to the power.
(d) While the trust is irrevocable and during the period the interest of any beneficiary not having a present interest may be terminated by the exercise of a power of appointment or other power, the duties of the trustee are owed exclusively to the holder of the power to the extent of the property subject to the power.
Notes of Decisions
In re William R. Zutavern Revocable Trust, 309 Neb. 542 (Neb. 2021).
· cites it 28× “542 court further stated, “Thus, pursuant to § 30-3855, Meredith, as Trustee of the Family Trust, owes her duties exclusively to [WZCC], not to Shawn or Russell.”
In re Conservatorship of Abbott, 890 N.W.2d 469 (Neb. 2017).
· cites it 11× “Neb. Rev. Stat. § 30-3855 (Reissue 2016) does not dictate who may petition for the removal of a trustee, but, rather, describes to whom fiduciary duties are owed.”
In re Trust of Cook, 28 Neb. Ct. App. 624 (Neb. Ct. App. 2020).
· cites it 8× “The plain language of Neb. Rev. Stat. § 30-3855 (b) (Supp. 2019) suggests that the only real party in interest in a case involving a revocable trust would be the settlor of that trust, or perhaps one that represents the settlor’s interests.”
Litherland v. Jurgens, 291 Neb. 775 (Neb. 2015).
“] § 30-3855(a) [(Reissue 2008)] and § 774B of the Restatement.”
Manon v. Orr (Neb. 2014).
· cites it 18× “In dismissing, the court reasoned that under Neb. Rev. Stat. § 30-3855 (a) (Reissue 2008), the duties of the trustee to the trust are owed to Virginia as the still-living settlor of the trust, and that the rights of the beneficiaries are subject to Virginia’s control.”
— Neb. Rev. Stat. § 30-3855(a) — 7 cases
In re William R. Zutavern Revocable Trust, 309 Neb. 542 (Neb. 2021).
“542 court further stated, “Thus, pursuant to § 30-3855, Meredith, as Trustee of the Family Trust, owes her duties exclusively to [WZCC], not to Shawn or Russell.”
In re Conservatorship of Abbott, 890 N.W.2d 469 (Neb. 2017).
“Neb. Rev. Stat. § 30-3855 (Reissue 2016) does not dictate who may petition for the removal of a trustee, but, rather, describes to whom fiduciary duties are owed.”
Litherland v. Jurgens, 291 Neb. 775 (Neb. 2015).
“] § 30-3855(a) [(Reissue 2008)] and § 774B of the Restatement.”
Manon v. Orr (Neb. 2014).
“In dismissing, the court reasoned that under Neb. Rev. Stat. § 30-3855 (a) (Reissue 2008), the duties of the trustee to the trust are owed to Virginia as the still-living settlor of the trust, and that the rights of the beneficiaries are subject to Virginia’s control.”
— Neb. Rev. Stat. § 30-3855(b) — 3 cases
In re William R. Zutavern Revocable Trust, 309 Neb. 542 (Neb. 2021).
“542 court further stated, “Thus, pursuant to § 30-3855, Meredith, as Trustee of the Family Trust, owes her duties exclusively to [WZCC], not to Shawn or Russell.”
In re Conservatorship of Abbott, 890 N.W.2d 469 (Neb. 2017).
“Neb. Rev. Stat. § 30-3855 (Reissue 2016) does not dictate who may petition for the removal of a trustee, but, rather, describes to whom fiduciary duties are owed.”
In re Trust of Cook, 28 Neb. Ct. App. 624 (Neb. Ct. App. 2020).
“The plain language of Neb. Rev. Stat. § 30-3855 (b) (Supp. 2019) suggests that the only real party in interest in a case involving a revocable trust would be the settlor of that trust, or perhaps one that represents the settlor’s interests.”
— Neb. Rev. Stat. § 30-3855(c) — 2 cases
In re William R. Zutavern Revocable Trust, 309 Neb. 542 (Neb. 2021).
“542 court further stated, “Thus, pursuant to § 30-3855, Meredith, as Trustee of the Family Trust, owes her duties exclusively to [WZCC], not to Shawn or Russell.”
In re Conservatorship of Abbott, 890 N.W.2d 469 (Neb. 2017).
“Neb. Rev. Stat. § 30-3855 (Reissue 2016) does not dictate who may petition for the removal of a trustee, but, rather, describes to whom fiduciary duties are owed.”
— Neb. Rev. Stat. § 30-3855(d) — 1 case
In re William R. Zutavern Revocable Trust, 309 Neb. 542 (Neb. 2021).
“542 court further stated, “Thus, pursuant to § 30-3855, Meredith, as Trustee of the Family Trust, owes her duties exclusively to [WZCC], not to Shawn or Russell.”
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