reglab/housing_qa huggingface dataset:
NV Rev Stat § 163.4185 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.4185 - Classifications of distribution interests.

  1. A distribution interest may be classified as:  (a) A mandatory interest if the trustee has no discretion to determine whether a distribution should be made, when a distribution should be made or the amount of the distribution.  (b) A support interest if the trustee is required to make distributions to the beneficiary pursuant to an ascertainable standard.  (c) A discretionary interest if the trustee has discretion to determine whether a distribution should be made, when a distribution should be made and the amount of the distribution.  2. If a trust contains a combination of a mandatory interest, a support interest or a discretionary interest, the trust must be separated as:  (a) A mandatory interest only to the extent of the mandatory language provided in the trust;  (b) A support interest only to the extent of the support language provided in the trust; and  (c) A discretionary interest for any remaining trust property.  3. If a trust provides for a support interest that also includes mandatory language but the mandatory language is qualified by discretionary language, the support interest must be classified and separated as a discretionary interest.  4. As used in this section, "ascertainable standard" means a standard relating to a person’s health, education, support or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code, 26 U.S.C. § 2041(b)(1)(A) or 2514(c)(1), and any regulations of the United States Treasury promulgated thereunder.  (Added to NRS by 2009, 786; A 2017, 1690)
NV Rev Stat § 163.4187 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.4187 - Support interest: Beneficiary has enforceable right to distribution; court review.

  1. A beneficiary of a support interest has an enforceable right to distribution thereof and may petition a court for review of the distribution.   2. A court may review a trustee’s decision to distribute a support interest for unreasonableness, dishonesty, improper motivation or failure to act.  (Added to NRS by 2009, 787)
NV Rev Stat § 163.419 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.419 - Discretionary interest: Beneficiary does not have enforceable right to distribution; court review; trustee’s powers and duties.

Except as otherwise provided in the trust instrument, with respect to a discretionary interest as described in NRS 163.4185:  1. A beneficiary who has a discretionary interest in a trust does not have an enforceable right to a distribution from the trust, and a court may review a trustee’s exercise of discretion concerning a discretionary interest only if the trustee acts dishonestly, with bad faith or willful misconduct.  2. A trustee given discretion in a trust instrument that is described as sole, absolute, uncontrolled, unrestricted or unfettered discretion, or with similar words, has no duty to act reasonably in the exercise of that discretion.  3. Absent express language in a trust to the contrary, if a discretionary interest permits unequal distributions between beneficiaries or to the exclusion of other beneficiaries, the trustee may distribute all of the undistributed income and principal to one beneficiary in the trustee’s discretion.  4. Regardless of whether a beneficiary has an outstanding creditor, a trustee of a discretionary interest may directly pay any expense on the beneficiary’s behalf and may exhaust the income and principal of the trust for the benefit of such beneficiary.  (Added to NRS by 2009, 787; A 2015, 3543)
NV Rev Stat § 163.420 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.420 - Short title.

NRS 163.420 to 163.550, inclusive, shall be known as the Charitable Trust Act of 1971.  (Added to NRS by 1971, 632)
NV Rev Stat § 163.430 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.430 - Declaration of policy.

The legislature hereby declares that the policy of the State is to maximize the funds available for charitable purposes by minimizing, to the greatest extent practicable, the imposition of federal income and excise taxes upon trust assets otherwise available for charitable purposes.  (Added to NRS by 1971, 632)
NV Rev Stat § 163.440 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.440 - References to Internal Revenue Code.

As used in NRS 163.420 to 163.550, inclusive, unless otherwise indicated, section references are to the Internal Revenue Code of 1986, as in effect on January 1, 1999, and include future amendments to such sections and corresponding provisions of future federal internal revenue laws.  (Added to NRS by 1971, 632; A 1999, 2374)
NV Rev Stat § 163.450 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.450 - Definitions.

As used in NRS 163.420 to 163.550, inclusive, unless the context otherwise requires, the words and terms defined in NRS 163.460 to 163.500, inclusive, have the meanings ascribed to them in NRS 163.460 to 163.500, inclusive.  (Added to NRS by 1971, 632)
NV Rev Stat § 163.460 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.460 - "Charitable trust" defined.

Charitable trust means an organization described in Section 4947(a)(1).  (Added to NRS by 1971, 633)
NV Rev Stat § 163.470 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.470 - "Private foundation trust" defined.

Private foundation trust means a trust as defined in Section 509(a), including a trust described in Section 4947(a)(1).  (Added to NRS by 1971, 633)
NV Rev Stat § 163.480 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.480 - "Split interest trust" defined.

Split interest trust means a trust for individual and charitable beneficiaries as defined in and subject to the provisions of Section 4947(a)(2).  (Added to NRS by 1971, 633)
NV Rev Stat § 163.490 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.490 - "Trust" defined.

Trust means an express trust created by a trust instrument, including a last will and testament.  (Added to NRS by 1971, 633)
NV Rev Stat § 163.500 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.500 - "Trustee" defined.

Trustee means a trustee, trustees, person or persons possessing a power or powers referred to in NRS 163.420 to 163.550, inclusive.  (Added to NRS by 1971, 633)
NV Rev Stat § 163.510 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.510 - Applicability.

The provisions of NRS 163.420 to 163.550, inclusive, which are applicable to any of the trusts defined in NRS 163.460 to 163.500, inclusive, apply to all trusts, whether they were created before, on or after April 17, 1971.  (Added to NRS by 1971, 633)
NV Rev Stat § 163.520 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.520 - Prohibited acts.

  1. In the administration of any private foundation trust, split interest trust or charitable trust which is subject to the provisions of the Internal Revenue Code of 1986, as in effect on January 1, 1999, the following acts are prohibited:  (a) Engaging in any act or "self-dealing," as defined in Section 4941(d), which would give rise to any liability for the tax imposed by Section 4941(a);  (b) Retaining any "excess business holdings," as defined in Section 4943(c), which would give rise to any liability for the tax imposed by Section 4943(a);  (c) Making any investments which would jeopardize the carrying out of any of the exempt purposes of the trust within the meaning of Section 4944, so as to give rise to any liability for the tax imposed by Section 4944(a); and  (d) Making any "taxable expenditures," as defined in Section 4945(d), which would give rise to any liability for the tax imposed by Section 4945(a).  2. This section does not apply to those split interest trusts or amounts of such split interest trusts which are not subject to the prohibitions applicable to private foundations by reason of the provisions of Section 4947.  (Added to NRS by 1971, 633; A 1999, 2374)
NV Rev Stat § 163.530 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.530 - Minimum distribution required.

In the administration of any trust which is a private foundation trust or a charitable trust, there shall be distributed for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by Section 4942(a).  (Added to NRS by 1971, 633)
NV Rev Stat § 163.540 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.540 - Amendment of trust instrument: Procedure.

  1. A court of this state having jurisdiction over any trust to which NRS 163.420 to 163.550, inclusive, apply may amend any trust instrument to conform to the provisions of NRS 163.420 to 163.550, inclusive.  2. Any such amendment must be effected by the trustee filing a petition with the court. The clerk of the court shall set a date for the hearing of the petition, and the trustee shall cause notice of the hearing of the petition to be:  (a) Personally served on the settlor or settlors of the trust, if living, and on all named beneficiaries of the trust, if any, for the period and in the manner provided in NRS 155.010;  (b) Published on three dates of publication before the hearing, and if the newspaper is published more than once each week, there must be at least 10 days from the first to last date of publication, including both the first and the last days; and  (c) Delivered, together with a copy of the petition, to the Attorney General of the State of Nevada at the time of the filing of the petition.  3. At the hearing of the petition, the court may authorize the trustee to amend, revise, delete or add provisions to the trust instrument to conform to NRS 163.420 to 163.550, inclusive, to avoid the penalties and liabilities described in Sections 4941(a), 4942(a), 4943(a), 4944(a) and 4945(a), but if the settlor or settlors of the trust are living and competent to act, written consent of the settlor or settlors must first be obtained.  (Added to NRS by 1971, 633; A 1999, 2374)
NV Rev Stat § 163.550 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.550 - Amendment of trust instrument: Provision for termination of status as private foundation.

In addition to amending, revising, deleting or adding provisions to the articles of the trust to conform to the sections set out in subsection 3 of NRS 163.540, the petition may include a request, and the court or judge may authorize any modifications, revisions, deletions or additions to the term, or to the conditions and provisions of the articles of any trust subject to the jurisdiction of the court, for the trust to conform with the requirements for termination of private foundation status as provided in Section 507, or in order to avoid the tax provided in Section 507(c).  (Added to NRS by 1971, 634)
NV Rev Stat § 163.5505 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5505 - Creation; enforcement; requirements.

Except as otherwise provided in NRS 163.0075 or another provision of law:  1. A trust may be created for a noncharitable purpose without a definite ascertainable beneficiary or for a noncharitable but otherwise valid purpose. The noncharitable purpose for which a trust is created must be stated with sufficient particularity in the trust instrument as to be ascertainable by a finder of fact.  2. A trust authorized by this section may be enforced by a trustee, trust adviser, trust protector or person appointed under the terms of the trust or, if no such person is appointed, by the court.  3. Except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use, property of a trust authorized by this section may be applied only to its intended use, including, without limitation, appointing trust property to or for the benefit of an existing or new trust whose purposes are limited to one or more purposes of the original trust. Except as otherwise provided by the terms of the trust, property not required for the intended use must be distributed to the settlor, if living, or otherwise to the settlor’s successors in interest.  4. As used in this section:  (a) "Trust adviser" has the meaning ascribed to it in NRS 163.5545.  (b) "Trust protector" has the meaning ascribed to it in NRS 163.5547.  (c) "Valid purpose" means any purpose that is not illegal or against public policy.  (Added to NRS by 2017, 1686)
NV Rev Stat § 163.553 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.553 - Definitions.

As used in NRS 163.553 to 163.556, inclusive, unless the context otherwise requires, the words and terms defined in NRS 163.5533 to 163.5547, inclusive, have the meanings ascribed to them in those sections.  (Added to NRS by 2009, 787; A 2015, 3543)
NV Rev Stat § 163.5533 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5533 - "Custodial account" defined.

Custodial account means an account:  1. Established by a person with a bank, as defined in 26 U.S.C. § 408(n), or with a person approved by the Internal Revenue Service as satisfying the requirements to be a nonbank trustee or nonbank passive trustee pursuant to regulations established by the United States Treasury pursuant to 26 U.S.C. § 408; and  2. Governed by an instrument concerning the establishment or maintenance of an individual retirement account, qualified retirement plan, an Archer medical savings account, health savings account, a Coverdell education savings account or any similar retirement or savings account permitted under the Internal Revenue Code of 1986.  (Added to NRS by 2009, 787)
NV Rev Stat § 163.5535 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5535 - "Custodial account owner" defined.

Custodial account owner means any person who:  1. Establishes a custodial account;  2. Has the power to designate the beneficiaries or appoint the custodian of the custodial account;  3. Has the power to direct the investment, disposition or retention of any assets in the custodial account; or  4. Can name an authorized designee to perform the actions described in subsection 3.  (Added to NRS by 2009, 787)
NV Rev Stat § 163.5536 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5536 - "Directing trust adviser" defined.

Directing trust adviser means a trust adviser, trust protector or other person designated in the trust instrument who has the authority to give directives that must be followed by the fiduciary. The term does not include a trust adviser, trust protector or other person who gives recommendations, counsel or advice that the fiduciary is not required to follow under the terms of the trust instrument.  (Added to NRS by 2015, 3539)
NV Rev Stat § 163.5537 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5537 - "Distribution trust adviser" defined.

Distribution trust adviser means a fiduciary given authority by an instrument to exercise any or all powers and discretion set forth in NRS 163.5557.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5539 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5539 - "Excluded fiduciary" defined.

Repealed. (See chapter 309, Statutes of Nevada 2019, at page 1874.)
NV Rev Stat § 163.554 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.554 - "Fiduciary" defined.

Fiduciary means a trustee or custodian under any instrument, or an executor, administrator or personal representative of a decedent’s estate or any other person, including an investment trust adviser, trust protector or a trust committee which is acting in a fiduciary capacity for any person, trust or estate.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5541 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5541 - "Instrument" defined.

Instrument means any revocable or irrevocable trust instrument created inter vivos or testamentary or any custodial account agreement.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5543 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5543 - "Investment trust adviser" defined.

Investment trust adviser means a fiduciary given authority by the instrument to exercise any or all of the powers and discretion set forth in NRS 163.5557.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5545 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5545 - "Trust adviser" defined.

Trust adviser means a distribution trust adviser or investment trust adviser.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5547 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5547 - "Trust protector" defined.

Trust protector means any person whose appointment is provided for in the instrument.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5548 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5548 - Circumstances under which fiduciary is "directed fiduciary."

For the purposes of NRS 163.553 to 163.556, inclusive, a fiduciary is a "directed fiduciary" with respect to any action that the fiduciary:  1. Has no power to take under the terms of the governing instrument;  2. Is mandated by the governing instrument and for which the fiduciary has no discretion to act otherwise; and  3. Is directed to take or prohibited from taking by a directing trust adviser.  (Added to NRS by 2015, 3539)
NV Rev Stat § 163.5549 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5549 - Limitations on liability of directed fiduciary.

  1. A directed fiduciary is not liable, individually or as a fiduciary for any loss which results from:  (a) Complying with a direction of a directing trust adviser, whether the direction is to act or to not act; or  (b) Failing to take any action proposed by a directed fiduciary if the action:  (1) Required the approval, consent or authorization of a person who did not provide the approval, consent or authorization; or  (2) Was contingent upon a condition that was not met or satisfied.  2. A directed fiduciary is not liable for any obligation to perform an investment or suitability review, inquiry or investigation or to make any recommendation or evaluation with respect to any investment, to the extent that the investment is made by a directing trust adviser.  3. The provisions of this section do not impose an obligation or liability on a custodian of a custodial account for providing any authorization.  (Added to NRS by 2009, 788; A 2015, 3543)
NV Rev Stat § 163.555 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.555 - Action authorized upon incapacity or death of settlor.

If the instrument provides, a directed fiduciary may continue to follow the direction of a directing trust adviser upon the incapacity or death of the settlor of the trust.  (Added to NRS by 2009, 788; A 2015, 3544)
NV Rev Stat § 163.5551 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5551 - Circumstances in which trust advisers are considered fiduciaries.

If one or more trust advisers are given authority, by the terms of an instrument, to direct, consent to or disapprove a fiduciary’s investment decisions, the investment trust advisers shall be considered fiduciaries when exercising that authority unless the instrument provides otherwise.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5553 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5553 - Powers of trust protector.

  1. A trust protector may exercise the powers provided to the trust protector in the instrument in the best interests of the trust. The powers exercised by a trust protector are at the sole discretion of the trust protector and are binding on all other persons. The powers granted to a trust protector may include, without limitation, the power to:  (a) Modify or amend the instrument to achieve a more favorable tax status or to respond to changes in federal or state law.  (b) Modify or amend the instrument to take advantage of changes in the rule against perpetuities, restraints on alienation or other state laws restricting the terms of a trust, the distribution of trust property or the administration of the trust.  (c) Increase or decrease the interests of any beneficiary under the trust.  (d) Modify the terms of any power of appointment granted by the trust. A modification or amendment may not grant a beneficial interest to a person which was not specifically provided for under the trust instrument.  (e) Remove and appoint a trustee, trust adviser, investment committee member or distribution committee member.  (f) Terminate the trust.  (g) Direct or veto trust distributions.  (h) Change the location or governing law of the trust.  (i) Appoint a successor trust protector or trust adviser.  (j) Interpret terms of the instrument at the request of the trustee.  (k) Advise the trustee on matters concerning a beneficiary.  (l) Review and approve a trustee’s reports or accounting.  2. The powers provided pursuant to subsection 1 may be incorporated by reference to this section at the time a testator executes a will or a settlor signs a trust instrument. The powers provided pursuant to subsection 1 may be incorporated in whole or in part.  (Added to NRS by 2009, 788)
NV Rev Stat § 163.5555 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5555 - Trust protector and trust adviser: Submission to jurisdiction of courts of this State.

If a person accepts an appointment to serve as a trust protector or a trust adviser of a trust subject to the laws of this State, the person submits to the jurisdiction of the courts of this State, regardless of any term to the contrary in an agreement or instrument. A trust protector or a trust adviser may be made a party to an action or proceeding arising out of a decision or action of the trust protector or trust adviser.  (Added to NRS by 2009, 789)
NV Rev Stat § 163.5557 (2021)
2021 Nevada Revised Statutes|Chapter 163 - Trusts|NRS 163.5557 - Powers of investment trust adviser and distribution trust adviser.

  1. An instrument may provide for the appointment of a person to act as an investment trust adviser or a distribution trust adviser with regard to investment decisions or discretionary distributions.  2. An investment trust adviser may exercise the powers provided to the investment trust adviser in the instrument in the best interests of the trust. The powers exercised by an investment trust adviser are at the sole discretion of the investment trust adviser and are binding on all other persons. The powers granted to an investment trust adviser may include, without limitation, the power to:  (a) Direct the trustee with respect to the retention, purchase, sale or encumbrance of trust property and the investment and reinvestment of principal and income of the trust.  (b) Vote proxies for securities held in trust.  (c) Select one or more investment advisers, managers or counselors, including the trustee, and delegate to such persons any of the powers of the investment trust adviser.  3. A distribution trust adviser may exercise the powers provided to the distribution trust adviser in the instrument in the best interests of the trust. The powers exercised by a distribution trust adviser are at the sole discretion of the distribution trust adviser and are binding on all other persons. Except as otherwise provided in the instrument, the distribution trust adviser shall direct the trustee with regard to all discretionary distributions to a beneficiary.  (Added to NRS by 2009, 789)