What is a spendthrift trust? The Nebraska Supreme Court says it is a trust that restrains both a voluntary or involuntary transfer of a beneficiary's interest. That means that the beneficiary can't sell it or give it away nor can his creditors or predators reach it.
One thing to appreciate about trusts is that a court will enforce the provisions of that document according to your written wishes. Your survivors and beneficiaries can't change the terms of a trust if the proposed change violates a material purpose of the trust. If the purposes of the trust are lawful, not contrary to public policy and are for the benefit of the its ...
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Property Law Professor Awarded “Genius” Grant
The MacArthur Foundation awarded a grant to former University of Wisconsin law professor Thomas Wilson Mitchell. Professor Mitchell is the driving force behind the Uniform Partition of Heirs Property Act of 2010. This Uniform Act has been introduced in Nebraska, but no action has yet been taken.
The problem is that some people die without a will and then the real estate is not probated. Heirs then end up as tenants in common. In some cases, a stranger will purchase an undivided interest in the real estate and force a partition sale. Not good!
Another solution is a quiet title action. I had to file one in Saunders County and there were ...
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With a will (or revocable trust), one can instruct the fidicuiary not to sell real estate.
The will of Beverly Freiden stated that real property at 18th and Jackson Street in Omaha "may either be sold or retained by my personal representatives as they shall determine."
The estate was informally closed in the probate court and no Personal Representative's deed was issued. Neb. Rev. Stat. Section 30-24,104(a) states that "unless a contrary intention is indicated by will, the distributable assets of a decedent's estate's shall be distributed in kind to the extent possible."
The Nebraska Supreme Court held that the real estate remained in the estate of Beverly Freiden. Normally a deed is required to convey real estate, but the ...
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