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Nebraska Revised Statutes Chapter 30. Decedents' Estates; Protection of Persons and Property § 30-3888. Delegation of investment and management functions

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:

(1) Selecting an agent;

(2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and

(3) Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.

(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.

(c) A trustee who complies with the requirements of subsection (a) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.

(d) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 30. Decedents' Estates; Protection of Persons and Property § 30-3888. Delegation of investment and management functions - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-30-decedents-estates-protection-of-persons-and-property/ne-rev-st-sect-30-3888/

Read this complete Nebraska Revised Statutes Chapter 30. Decedents' Estates; Protection of Persons and Property § 30-3888. Delegation of investment and management functions on Westlaw. Westlaw subscription required.

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