30-4612. Intent to exercise: Determining intent from residuary clause.

(a) In this section:

(1) Residuary clause does not include a residuary clause containing a blanket exercise clause or a specific exercise clause.

(2) Will includes a codicil and a testamentary instrument that revises another will.

(b) A residuary clause in a powerholder's will, or a comparable clause in the powerholder's revocable trust, manifests the powerholder's intent to exercise a power of appointment only if:

(1) the terms of the instrument containing the residuary clause do not manifest a contrary intent;

(2) the power is a general power exercisable in favor of the powerholder's estate;

(3) there is no gift in default clause or the clause is ineffective; and

(4) the powerholder did not release the power.

Source:Laws 2021, LB501, ยง 35.