Nebraska Probate Form 362 - Notice Of Determination By Personal Representative Of Homestead Allowanc

FULL NAME OF FORM: Notice Of Determination By Personal Representative Of Homestead Allowance And Exempt Property

WHEN TO USE THE FORM: Use this form to give notice of the determination by the Personal Representative of the amount and methods of homestead allowance and exempt property distributions. Such a determination is made by the Personal Representative when the spouse and children have failed to make their selections and pursuant to Court Order. See Notes and Instructions for Form 360.

Refer to Nebraska Probate Code §§ 30-2322 through 30-2325 regarding homestead allowance and exempt property and family allowance and Nebraska Probate Code § 30-24,104 for in kind determination.

HOW TO USE THE FORM:

1. HOMESTEAD ALLOWANCE: The surviving spouse of a Decedent who was domiciled in Nebraska is entitled to a homestead allowance of $7,500. If there is no surviving spouse, each minor child and each dependent child of the Decedent is entitled to a homestead allowance of $7,500 divided by the number of such minor and dependent children of the Decedent. The surviving spouse, the Guardians of the minor children, or children who are adults may select property of the estate as homestead allowance with the provision that, if the estate is otherwise sufficient, specifically devised property may not be used. Distributions in kind shall be valued at fair market value on the date of distribution. Even though property is not specifically devised it should not be utilized to fulfill the homestead allowance if a residuary devisee has requested that the asset in question remain a part of the residue. The homestead allowance may be satisfied by value in kind provided that cash has not been demanded, the property to be distributed is not subject to a specific devise, and no residuary devisee has requested that the asset in question remain a part of the residue of the estate.
2. EXEMPT PROPERTY: The surviving spouse of a Decedent who was domiciled in Nebraska is entitled to take from the estate household furniture, automobiles, furnishings, appliances and personal effects with a value not exceeding $5,000 in excess of any security interest therein. If there is no surviving spouse, children of the Decedent are entitled jointly to the same. If there is not $5,000 in value of exempt property, the spouse or children are entitled to other assets of the estate to the extent necessary to make up the $5,000. Specifically devised property should not be used unless there are insufficient other assets to satisfy the exempt property.
3. HOMESTEAD ALLOWANCE AND EXEMPT PROPERTY: In the event the spouse or qualifying children do not select property to satisfy the homestead allowance or exempt property, the Personal Representative may make these selections after a reasonable time and after giving such notice as the Court may require in a proceeding initiated under the provisions of Nebraska Probate Code §§ 30-2325 and 30-2405. See Forms 360 and 361. The Personal Representative should execute an instrument or deed of distribution to establish the ownership of property taken as homestead allowance or exempt property. See Forms 370 through 372.
4. CERTIFICATE OF MAILING: The Notice of Determination by the Personal Representative of the Homestead Allowance and Exempt Property should be mailed to all persons who have a right to object to the proposed distribution. Nebraska Probate Code § 30-24,104(b) provides that the right of any Distributee to object to a proposed distribution on the basis of the kind or value of asset the Distributee is to receive, if not waived earlier in writing, terminates if the Distributee fails to object in writing received by the Personal Representative within thirty (30) days after mailing or delivery of the proposal.
5. GENERAL: In completing the form the individuals and specific property or amount transferred to each should be detailed. The value of any property to be distributed should also be set forth.