Definition of the Term Resident Estate or Trust

001.01 A resident estate or trust includes: 001.01A The estate of a decedent who at his or her death was domiciled in Nebraska, 001.01B A trust or portion of a trust which consists of property transferred by the last will and testament of a decedent, who, at his or her death, was domiciled in Nebraska, 001.01C A trust or portion of a trust which was created by or which consists of property of a person domiciled in this state at the time the trust became irrevocable. 001.02 A trust or portion of a trust becomes irrevocable when the person whose property constitutes such trust may no longer exercise the power to revest the title to such property in himself or herself. 001.03 If the settlor of a trust is domiciled in Nebraska when the trust becomes irrevocable, the trust will be considered a resident trust for the entire life of the trust. Such a trust is a resident trust even though the situs of the trust, the property held in trust, or the trustee are located in another state. (For further discussion of the term domicile, see Reg-23-002.) 001.04 If a trust is one resulting from the dissolution of a Nebraska corporation, it is a resident trust. 001.05 No trust shall be deemed to be a resident trust merely because the governing instrument or a rule of conflict of law adopts the law of Nebraska with respect to the interpretation or administration of the trust. If a trust meets the requirements of the definition of a resident trust, it shall not be deemed to be a nonresident trust only because the governing instrument or a rule of conflicts of law adopts the law of a state other than Nebraska with respect to the interpretation or administration of the trust. (Section 77-2714.01(6), R.R.S. 1996. November 11, 1998.)