reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.557 - Circumstances under which trustee is authorized to reimburse settlor for tax on trust income or principal.

1. A governing trust instrument may authorize the trustee, in the sole discretion of the trustee or at the direction or with the consent of a directing trust adviser, to reimburse a settlor for all or a portion of tax on trust income or principal that is payable by the settlor under the law imposing such tax. In the sole discretion of the trustee, the trustee may pay such amount to the settlor directly or to an appropriate taxing authority on behalf of the settlor.
2. A trustee or directing trust adviser is not liable to any person in exercising such discretion to reimburse or not reimburse a settlor for tax payable by the settlor on trust income or principal pursuant to subsection 1.
3. The power of a trustee to make a payment to or for the benefit of a settlor in accordance with subsection 1 or the decision of a trustee to exercise such power in favor of the settlor must not cause the settlor to be treated as a beneficiary for purposes of the laws of this State. As used in this subsection, "beneficiary" has the meaning ascribed to it in NRS 163.4147.
(Added to NRS by 2021, 980)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.558 - Authority of settlor to specify conditions.

Except to the extent that it violates public policy, a settlor may:
1. Make a devise conditional upon a beneficiary’s action or failure to take action or upon the occurrence or nonoccurrence of one or more specified events; and
2. Specify the conditions or actions which would disqualify a person from serving or which would constitute cause for removal of a person who is serving in any capacity under the trust, including, without limitation, as a trustee, trust protector or trust adviser.
(Added to NRS by 2011, 1465)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.560 - Irrevocable trust not to be construed as revocable.

1. If the settlor of any trust specifically declares in the instrument creating the trust that such trust is irrevocable it shall be irrevocable for all purposes, even though the settlor is also the beneficiary of such trust.
2. Such trust shall, under no circumstances, be construed to be revocable for the reason that the settlor and beneficiary is the same person.
(Added to NRS by 1973, 372)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.565 - Effect of divorce or annulment of marriage of settlor on revocable inter vivos trust.

Divorce or annulment of the marriage of a settlor revokes every devise, beneficial interest or designation to serve as trustee given by the settlor to the former spouse of the settlor in a revocable inter vivos trust executed before the entry of the decree of divorce or annulment unless otherwise:
1. Provided in a property or separation agreement that is approved by the court in the divorce or annulment proceedings; or
2. Ordered by the court in the divorce or annulment proceedings,
and the revocable inter vivos trust provisions take effect in the same manner as if the spouse had predeceased the trustor.
(Added to NRS by 2003, 342)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.567 - Effect of divorce, annulment of marriage or termination of domestic partnership of descendant of settlor on former spouse or domestic partner of descendant.

Unless otherwise ordered or provided for in a property or separation agreement approved by the court in a proceeding for a divorce or annulment, the divorce, annulment of the marriage or termination of the domestic partnership of the descendant of a settlor revokes:
1. Every devise, beneficial interest or designation to serve as trustee that was given by the settlor to the former spouse or domestic partner of the descendant in a revocable inter vivos trust executed before the entry of the decree of divorce or annulment or the termination of the domestic partnership, unless otherwise provided in the trust instrument, and the provisions of the trust take effect in the same manner as if the spouse or domestic partner of the descendant predeceased the settlor; and
2. The appointment of the spouse or domestic partner of the descendant as a trust protector, trust adviser or consultant.
(Added to NRS by 2017, 1686)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.570 - Powers of trustee concerning gifts made by surviving spouse of decedent.

A trustee may:
1. Join with a decedent’s surviving spouse or the personal representative of the decedent’s estate in the execution and filing of a joint income tax return for any period before the decedent’s death for which the decedent had not filed an income tax or gift tax return on gifts made by the spouse;
2. Consent to treat such gifts as having been made one-half by the decedent for any period before the decedent’s death; and
3. Pay such taxes thereon as are chargeable to the decedent.
(Added to NRS by 1979, 455; A 1999, 2375)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.590 - Disposition of trust property by reference to statement or list; requirements for admissibility of statement or list as evidence of intended disposition; uses of statement or list.

1. Whether or not the provisions relating to electronic trusts apply, a trust may refer to a written statement or list, including, without limitation, a written statement or list contained in an electronic record, to dispose of items of trust property not otherwise specifically disposed of by the trust.
2. To be admissible as evidence of the intended disposition, the statement or list must contain:
(a) The date of its execution.
(b) A title indicating its purpose.
(c) A reference to the trust to which it relates.
(d) A reasonably certain description of the items to be disposed of and the beneficiaries.
(e) The handwritten signature or electronic signature of the settlor.
3. The statement or list may be:
(a) Referred to as a writing to be in existence at the death of the settlor.
(b) Prepared before or after the execution of the trust instrument.
(c) Altered by the settlor after its preparation.
(d) A writing which has no significance apart from its effect upon the dispositions made by the trust.
4. Except as otherwise provided in this subsection, the statement or list may be used to dispose of all items of trust property, regardless of whether the trust property is real or personal property or tangible or intangible property. The trust instrument may limit the use of the statement or list so that the statement or list:
(a) Is expressly limited to tangible personal property;
(b) Cannot be used to direct the disposition of trust property that is above a value specified by the trust instrument; or
(c) Is not applicable to certain types of property, including, without limitation:
(1) Money;
(2) Evidences of indebtedness;
(3) Documents of title;
(4) Securities; and
(5) Property used in a trade or business.
(Added to NRS by 1999, 2366; A 2001, 2351; 2019, 1869)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.600 - Appointment of successor trustee under certain circumstances.

1. If a trust has no serving trustee because of the death, incapacity or resignation of the last serving trustee of the trust, and if the provisions of the trust instrument do not include any provisions which can be effectively used to appoint a successor trustee, then the current beneficiaries of the trust, by unanimous vote, may name and appoint a successor trustee of the trust without the approval of the court so long as the successor trustee of the trust is not a person described in NRS 138.020 and is not a "related or subordinate person" with respect to the settlor of the trust or any beneficiary thereof within the meaning of section 672(c) of the Internal Revenue Code, 26 U.S.C. § 672(c), as amended.
2. If a current beneficiary is a minor, the minor’s guardian or guardian ad litem may vote on the minor’s behalf.
3. NRS 164.038 shall apply with respect to the appointment of a trustee under this section.
4. For the purposes of this section, the person entitled to vote with respect to a beneficiary which is another trust, which has a serving trustee, is the trustee or trustees of such trust.
(Added to NRS by 2015, 3540)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.610 - Trustee authorized to include certain capital gains in distributable net income in certain circumstances.

Unless otherwise provided by the trust instrument, a trustee may include capital gains from the sale or exchange of capital assets in distributable net income to the extent the gains are, in a reasonable and impartial exercise of discretion by the trustee, allocated to:
1. Income pursuant to the power of the trustee to adjust between principal and income pursuant to NRS 164.795;
2. Principal and treated consistently by the trustee in the books, records and tax returns of the trust as part of the distribution to a beneficiary; or
3. Principal but distributed to a beneficiary or utilized by the trustee in determining the amount that is distributed or required to be distributed to a beneficiary.
(Added to NRS by 2015, 3540; A 2017, 1694)
2023 Nevada Revised Statutes › Chapter 163 - Trusts › NRS 163.620 - Admissibility of video recording or electronic record.

Subject to the provisions of any applicable court rules, a video recording or other electronic record may be admissible as evidence of:
1. The proper execution of a trust.
2. The intentions of a settlor.
3. The mental state or capacity of a settlor.
4. The authenticity of a trust.
5. Matters that are determined by a court to be relevant to the administration of a trust.
(Added to NRS by 2017, 3443)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.005 - Applicability of provisions of chapters 132, 153 and 155 of NRS regulating matters of estates.

When not otherwise inconsistent with the provisions of chapters 162 to 167, inclusive, of NRS, all of the provisions of chapters 132, 153 and 155 of NRS regulating the matters of estates:
1. Apply to proceedings relating to trusts, as appropriate; or
2. May be applied to supplement the provisions of chapters 162 to 167, inclusive, of NRS.
(Added to NRS by 2001, 2351)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.021 - Notice by trustee to beneficiary concerning change of revocable trust to irrevocable trust; contents of notice; limitation of action to contest validity of trust; exceptions.

1. When a revocable trust becomes irrevocable because of the death of a settlor or by the express terms of the trust, the trustee may, after the trust becomes irrevocable, provide notice to any beneficiary of the irrevocable trust, any heir of the settlor or to any other interested person.
2. The notice provided by the trustee must contain:
(a) The identity of the settlor of the trust and the date of execution of the trust instrument;
(b) The name, mailing address and telephone number of any trustee of the trust;
(c) The dispositive provisions of the trust instrument which pertain to the beneficiary, a complete copy of the trust instrument or notice that the heir or interested person is not a beneficiary under the trust;
(d) Any information required to be included in the notice expressly provided by the trust instrument; and
(e) A statement set forth in a separate paragraph, in 12-point boldface type or an equivalent type which states: "You may not bring an action to contest the trust more than 120 days from the date this notice is provided to you."
3. The trustee shall cause notice pursuant to this section to be provided in accordance with the provisions of NRS 155.010.
4. Except as otherwise provided in this subsection, no person upon whom notice is provided pursuant to this section may bring an action to contest the validity of the trust more than 120 days from the date the notice is served upon the person, unless the person proves that he or she did not receive actual notice. A person upon whom notice is provided pursuant to this section may provide consent in writing to a period of less than 120 days in which the person may bring an action to contest the validity of the trust.
5. For the purposes of paragraph (c) of subsection 2, a copy of the trust instrument shall be considered complete if it includes all amendments and restatements to the trust instrument the trustee has determined to be in effect at the time of the death of the settlor after the trustee has exercised due diligence.
6. A trustee is not liable in providing information pursuant to paragraph (c) of subsection 2 to any person whom the trustee has determined, after the exercise of due diligence, to be a beneficiary, heir or interested person.
(Added to NRS by 2009, 794; A 2011, 1469; 2021, 988; 2023, 1325)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.030 - Petition for instructions: Notice; hearing; final order; appeal.

1. Any trustee whose appointment has been confirmed, as provided in NRS 164.010, at any time thereafter may petition the court for instructions in the administration of the trust or for a construction of the trust instrument, or upon or after the filing of a final account, for the settlement and allowance thereof.
2. Upon the filing of the petition the court shall make an order fixing a time and place for hearing thereof, unless hearing has been waived in writing by the beneficiaries of the trust.
3. Unless otherwise ordered by the court, notice of the hearing must be given as follows:
(a) The clerk shall set the petition for hearing;
(b) The petitioner must give notice stating the filing of the petition and the object and time of the hearing to all persons entitled to notice as provided in NRS 155.010; and
(c) The trustee filing such petition shall cause a copy of the order to be delivered to the beneficiaries of the trust as follows:
(1) By handing the notice or copy to the beneficiary personally or to the beneficiary’s guardian, or attorney of record; or
(2) By sending it by registered or certified mail with return receipt requested to such beneficiary, or the beneficiary’s guardian or attorney of record, at the last known address of the addressee.
4. Upon the hearing the court shall make such order as it deems appropriate, which order is final and conclusive as to all matters thereby determined and binding in rem upon the trust estate and upon the interests of all beneficiaries, vested or contingent, except that appeal to the appellate court of competent jurisdiction pursuant to the rules fixed by the Supreme Court pursuant to Section 4 of Article 6 of the Nevada Constitution may be taken from the order within 30 days from the entry thereof by filing notice of appeal with the clerk of the district court, who shall mail a copy of the notice to each adverse party who has appeared of record.
[3:22:1953]—(NRS A 1967, 354; 1969, 95, 484; 1971, 1998; 1997, 1495; 2013, 1750)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.033 - Petition concerning conveyance, transfer or delivery of property of trust; notice of hearing; order; appeal.

1. The trustee or an interested person may petition the court to enter an order:
(a) If the trustee is in possession of, or holds title to, property and the property or an interest in it is claimed by another.
(b) If the trustee has a claim to property and another holds title to or is in possession of the property.
(c) If property of the trust is subject to a claim of a creditor of the settlor of the trust.
2. The court shall not grant a petition under this section if it determines that the matter should be determined by civil action.
3. The petition must state facts showing that it is authorized under this section, the grounds of the petition, and the name and address of each person entitled to notice of the petition.
4. Upon the filing of the petition, the clerk shall set it for hearing and the petitioner shall give notice of the hearing, at least 30 days before the time set, to:
(a) All interested persons, including the Attorney General if the petition relates to a charitable trust, in the manner provided in NRS 155.010.
(b) Each person claiming an interest in, or having title to or possession of the property, and any other person whose right, title or interest in or to the property would be affected by the granting of the petition, in the manner provided in NRS 155.040.
(c) Any other person, and in the manner, directed by the court.
5. Except as otherwise provided in subsection 2, if the court is satisfied that a conveyance, transfer, delivery or other disposition should be made, the court shall enter an order directing the trustee or other person having title to or possession of the property to convey, transfer or deliver it to the person entitled thereto or granting other appropriate relief.
6. Any person aggrieved by an order entered pursuant to this section may appeal to the appellate court of competent jurisdiction pursuant to the rules fixed by the Supreme Court pursuant to Section 4 of Article 6 of the Nevada Constitution within 30 days after the notice of the entry of the order by filing a notice of appeal with the clerk of the district court. The appellant shall mail a copy of the notice to each person who has appeared of record.
(Added to NRS by 1999, 2376; A 2013, 1751)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.037 - Petitions: Notice and hearing.

Except as otherwise provided in NRS 164.033, the clerk shall set a petition authorized by this chapter for hearing, and the petitioner shall give notice to all interested persons for the period and in the manner provided in NRS 155.010. The notice must state the filing of the petition, the object and the time of the hearing. For the purposes of this section, "interested person" means a settlor, trustee, beneficiary or any other person to whom the court directs that notice be given.
(Added to NRS by 1999, 2375)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.040 - Power or jurisdiction of court not abridged; court may take action necessary or proper to dispose of matter presented by petition.

1. NRS 164.010 and 164.015 do not limit or abridge the power or jurisdiction of the district court over trusts and trustees.
2. The court may enter any order or take any other action necessary or proper to dispose of the matters presented by a petition, including the appointment of a temporary trustee to administer the trust in whole or in part.
[4:22:1953]—(NRS A 1999, 2378; 2001, 164)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.041 - Confidential information: Redaction and sealing of information without prior court order in certain circumstances.

1. Confidential information relating to trusts that is contained in petitions and subsequent related findings under this title or title 12 of NRS may be redacted and filed under seal without a prior court order so long as the unredacted and complete copies of such petitions and filings are promptly provided to the court in camera and to all persons entitled to notice thereto.
2. Unless the court orders otherwise, confidential information once redacted or filed under seal must be redacted and filed under seal without a prior court order in all subsequent filings and orders in the matter relating to the petition, and unredacted and complete copies of such filings and orders must be promptly provided in camera to the court and to all persons entitled to copies thereto, as appropriate.
3. Nothing in this section shall be construed to abridge the power of any court of competent jurisdiction to order the production of unredacted and complete copies of petitions, filings and orders that have been redacted or filed under seal to an interested person, as defined in NRS 132.185, or to other persons for cause shown.
4. As used in this section, "confidential information" includes:
(a) Trust instruments, inventories, accountings and reports;
(b) The names and addresses of trust settlors and beneficiaries;
(c) Trust dispositive terms, including, without limitation:
(1) The identity and amount of distributions or gifts; and
(2) Powers of appointments;
(d) Corporate and company records relating to trusts;
(e) Personally identifying information, including, without limitation, social security numbers and dates of birth; and
(f) Any other information the court deems confidential, if the interest in protecting the confidentiality of the information outweighs the public interest in accessing such information.
(Added to NRS by 2023, 1323)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.043 - Expenses and compensation of trustees.

1. The expenses and compensation of a trustee of a nontestamentary trust must initially be governed by the terms of the nontestamentary trust. Thereafter, subject to any contrary terms of the nontestamentary trust, the court shall allow the trustee his or her proper expenses and such compensation for services as are just and reasonable.
2. Where there are several trustees, compensation must be apportioned among the trustees according to the respective services rendered, and such compensation may be:
(a) A fixed yearly compensation for each trustee;
(b) A set amount for the term of service;
(c) An hourly rate for services rendered; or
(d) Pursuant to a standard schedule of fees.
3. The provisions of this section must not be interpreted to abridge the authority of a court having jurisdiction over a testamentary trust pursuant to NRS 153.020 or 164.010 to review and settle the expenses and compensation of the trustee of a testamentary trust upon the petition of any interested person.
4. As used in this section, "nontestamentary trust" has the meaning ascribed to it in NRS 163.0016.
(Added to NRS by 2019, 1869)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.045 - Circumstances under which laws of this State govern trusts; change of situs to this State.

1. The laws of this State govern the validity and construction of a trust if:
(a) The trust instrument so provides;
(b) Designated by a person who, under the terms of the trust instrument, has the right to designate the laws that govern the validity and construction of the trust, at the time the designation is made; or
(c) The trust instrument does not provide for the law that governs the validity and construction of the trust, a person designated under the terms of the trust instrument to designate the law that governs the validity and construction of the trust, if any, has not made such a designation and the settlor or the trustee of the trust was a resident of this State at the time the trust was created or at the time the trust became irrevocable.
2. A person not domiciled in this State may have the right to designate the laws that govern the validity and construction of a trust if properly designated under the trust instrument.
3. A trust, the situs of which is outside this State, that moves its situs to this State is valid whether or not the trust complies with the laws of this State at the time of its creation or after its creation.
(Added to NRS by 2015, 3548; A 2017, 1696; 2019, 1872)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.067 - Power to sell, convey or encumber.

1. When title to real or personal property is taken in the name of a trustee, the trustee has the power to sell, convey or encumber that property unless the deed or conveyance to the trustee specifically limits the power of the trustee to do so.
2. This section applies to property acquired by a trustee on or after July 1, 1979.
(Added to NRS by 1979, 408)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.080 - Establishment; investments; management.

1. Any bank or trust company qualified to act as fiduciary in this State, or in any other state if affiliated with a bank or trust company qualified to act as fiduciary in this State, may:
(a) Establish common trust funds to furnish investments to itself and its affiliated bank or trust company as fiduciary or to itself, its affiliated bank or trust company and others, as cofiduciaries; and
(b) As fiduciary or cofiduciary, invest money which it lawfully holds for investment in interests in those common trust funds, if the investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to the investment.
2. Any bank or trust company, qualified to act as fiduciary in the state in which it was chartered, which is not a member of the Federal Reserve System shall, in the operation of the common trust fund, comply with the regulations adopted by the supervisor of banking in the state in which it was chartered and with the regulations adopted by the commissioner of financial institutions in this State.
3. The Commissioner of Financial Institutions of the Department of Business and Industry may adopt regulations to carry out the provisions of NRS 164.070 to 164.100, inclusive.
4. As used in this section, "affiliated" means two or more banks or trust companies:
(a) In which at least 25 percent of their voting shares, excluding shares owned by the United States or by any company wholly owned by the United States, are directly or indirectly owned or controlled by a holding company; or
(b) In which the election of a majority of the directors is controlled in any manner by a holding company.
[2:21:1955]—(NRS A 1985, 972; 1987, 1875; 1993, 1510; 1999, 2379)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.090 - Accountings.

Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to those funds, but it may, by petition to the court, secure approval of such an accounting on such conditions as the court may establish.
[3:21:1955]—(NRS A 1999, 2379)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.100 - Uniformity of interpretation.

NRS 164.070 to 164.100, inclusive, must be so interpreted and construed as to effectuate their general purpose to make uniform the law of those states which enact them.
[4:21:1955]—(NRS A 1999, 2380)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.130 - Transfer by court to district court in this State or court outside Nevada.

Upon petition by any trustee or beneficiary, a court having jurisdiction of a trust may transfer supervision of the trust to:
1. Any district court within the State, or to any court outside Nevada which accepts jurisdiction over the trust, when the convenience of beneficiaries, trustees, attorneys or other interested persons makes a transfer desirable.
2. A district court within this State having jurisdiction of the guardianship of a protected person who is currently a beneficiary of the trust and is receiving or is entitled to receive distributions, if the district court has not assumed jurisdiction pursuant to NRS 159.339 or 159A.339.
(Added to NRS by 1967, 205; A 1977, 570; 1999, 2380; 2007, 894; 2017, 1237)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.400 - Presentation; effect; form.

1. Except in connection with an application for benefits pursuant to chapter 422 or 422A of NRS, a trustee may present a certification of trust to any person, in lieu of a copy of any trust instrument, to establish the existence or terms of the trust. The trustee may present the certification voluntarily or at the request of the person with whom the trustee is dealing.
2. Such a certification must be in the form of an affidavit signed and acknowledged by all of the currently acting trustees of the trust.
(Added to NRS by 1995, 211; A 2005, 22nd Special Session, 49)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.410 - Contents.

1. A certification of trust may confirm the following facts or contain the following information:
(a) The existence of the trust and date of execution of any trust instrument;
(b) The identity of the settlor and each currently acting trustee;
(c) The powers of the trustee and any restrictions imposed upon the trustee in dealing with assets of the trust;
(d) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke it;
(e) If there is more than one trustee, whether all of the currently acting trustees must or less than all may act to exercise identified powers of the trustee;
(f) A declaration regarding the situs or domicile of the trust and regarding the law that governs the validity, construction and administration of the trust;
(g) The form in which title to assets of the trust is to be taken; and
(h) A declaration that:
(1) The incapacity of the former trustee of the trust, including a settlor serving as the former trustee, has been determined pursuant to subsection 3, 4 or 6 of NRS 163.605; and
(2) The current acting trustee succeeded to the office of trustee pursuant to subsection 1 of NRS 163.605.
2. The certification must contain a statement that the trust has not been revoked or amended to make any representations contained in the certification incorrect, and that the signatures are those of all the currently acting trustees.
(Added to NRS by 1995, 211; A 2015, 3554; 2023, 1325)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.420 - Dispositive provisions not required; person presented with certification may request excerpts from trust instrument designating trustee.

A certification of trust need not contain the dispositive provisions of the trust, but the person to whom the certification is presented may require copies of excerpts from any trust instrument which designate the trustee or confer upon him or her the power to act in the pending transaction.
(Added to NRS by 1995, 212)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.430 - Reliance upon facts contained in certification; enforceability.

1. A person who acts in reliance upon a certification of trust without knowledge that the representations contained therein are incorrect is not liable to any person for so acting. A person who does not know that the facts contained in the certification are incorrect may assume without inquiry the existence of the facts contained in the certification. Knowledge may not be inferred solely from the fact that a copy of all or part of a trust instrument is held by the person relying upon the certification.
2. A transaction, and any lien created thereby, entered into by a trustee and a person acting in reliance upon a certification of trust is fully enforceable against the assets of the trust unless the person knows that the trustee is acting outside the scope of the trust.
(Added to NRS by 1995, 212)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.440 - Failure to demand certification not improper act; liability.

A person’s failure to demand a certification of trust may not be considered to be an improper act by the person and no inference as to whether the person has acted in good faith may be drawn from the failure to demand a certification of trust. This section creates no implication that a person is liable for acting in reliance upon a certification of trust under circumstances where the requirements of NRS 164.400 to 164.430, inclusive, are not satisfied.
(Added to NRS by 1995, 212)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.643 - Definitions.

As used in NRS 164.640 to 164.680, inclusive, unless the context otherwise requires, the words and terms defined in NRS 164.645 to 164.663, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 112)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.647 - "Endowment fund" defined.

"Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.
(Added to NRS by 2007, 112)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.653 - "Institution" defined.

"Institution" means:
1. A person, other than an individual, organized and operated exclusively for charitable purposes;
2. A government or governmental subdivision, agency or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; and
3. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.
(Added to NRS by 2007, 112)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.655 - "Institutional fund" defined.

"Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:
1. Program-related assets;
2. A fund held for an institution by a trustee that is not an institution; or
3. A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
(Added to NRS by 2007, 112)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.667 - Appropriation for expenditure or accumulation of endowment fund; rules of construction.

1. Subject to the intent of a donor expressed in the gift instrument and to subsection 4, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(a) The duration and preservation of the endowment fund;
(b) The purposes of the institution and the endowment fund;
(c) General economic conditions;
(d) The possible effect of inflation or deflation;
(e) The expected total return from income and the appreciation of investments;
(f) Other resources of the institution; and
(g) The investment policy of the institution.
2. To limit the authority to appropriate for expenditure or accumulate under subsection 1, a gift instrument must specifically state the limitation.
3. Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income," "interest," "dividends," or "rents, issues or profits," or "to preserve the principal intact," or words of similar import:
(a) Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(b) Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection 1.
4. The appropriation for expenditure in any year of an amount greater than 7 percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than 3 years immediately preceding the year in which the appropriation for expenditure was made, creates a rebuttable presumption of imprudence. For an endowment fund in existence for less than 3 years, the fair market value of the endowment fund must be calculated for the period the endowment fund has been in existence. This subsection does not:
(a) Apply to an appropriation for expenditure permitted under law other than NRS 164.640 to 164.680, inclusive, or by the gift instrument; or
(b) Create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to 7 percent of the fair market value of the endowment fund.
(Added to NRS by 2007, 114)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.670 - Delegation of management and investment functions.

1. Subject to any specific limitation set forth in a gift instrument or in law other than NRS 164.640 to 164.680, inclusive, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(a) Selecting an agent;
(b) Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(c) Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.
2. In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
3. An institution that complies with subsection 1 is not liable for the decisions or actions of an agent to which the function was delegated.
4. By accepting delegation of a management or investment function from an institution that is subject to the laws of this State, an agent submits to the jurisdiction of the courts of this State in all proceedings arising from or related to the delegation or the performance of the delegated function.
5. An institution may delegate management and investment functions to its committees, officers or employees as authorized by law of this State other than NRS 164.640 to 164.680, inclusive.
(Added to NRS by 2007, 115)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.673 - Release or modification of restrictions on management, investment or purpose.

1. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
2. The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor’s probable intention.
3. If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.
4. If an institution determines that a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund is unlawful, impracticable, impossible to achieve or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:
(a) The institutional fund subject to the restriction has a total value of less than $25,000;
(b) More than 20 years have elapsed since the fund was established; and
(c) The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
(Added to NRS by 2007, 115)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.677 - Relation to Electronic Signatures in Global and National Commerce Act.

The provisions ofNRS 164.640 to 164.680, inclusive, modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §§ 7001 et seq., but do not modify, limit or supersede Section 101 of that Act, 15 U.S.C. § 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that Act, 15 U.S.C. § 7003(b).
(Added to NRS by 2007, 116)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.700 - Definitions.

As used in NRS 164.700 to 164.925, inclusive:
1. "Fiduciary" means a trustee or, to the extent that NRS 164.780 to 164.925, inclusive, apply to an estate, a personal representative.
2. "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
3. "Unitrust" means a trust in which a certain percentage of annually assessed fair market value of trust property is paid to a trust beneficiary.
(Added to NRS by 2003, 1965; A 2009, 799)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.710 - Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS.

In performing his or her duties under NRS 164.700 to 164.925, inclusive, a fiduciary:
1. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in NRS 164.700 to 164.925, inclusive;
2. May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by NRS 164.700 to 164.925, inclusive; and
3. Shall administer a trust or estate in accordance with NRS 164.700 to 164.925, inclusive, if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.
(Added to NRS by 2003, 1965)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.720 - Trust having two or more beneficiaries; impartial administration of trust or estate.

1. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust property, taking into account any differing interests of the beneficiaries.
2. In exercising the power to adjust under NRS 164.795 or 164.796 or a discretionary power of administration regarding a matter within the scope of NRS 164.780 to 164.925, inclusive, whether granted by the terms of a trust, a will or NRS 164.780 to 164.925, inclusive, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with NRS 164.780 to 164.925, inclusive, is presumed to be fair and reasonable to all the beneficiaries.
(Added to NRS by 2003, 1966; A 2009, 799)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.730 - No duty to make adjustment between principal and income; trustee immunity from liability.

1. The provisions of NRS 164.700 to 164.925, inclusive, do not impose or create a duty of a trustee to make an adjustment between principal and income pursuant to the provisions of NRS 164.795 or 164.796.
2. A trustee shall not be liable for:
(a) Not considering whether to make such an adjustment; or
(b) Deciding not to make such an adjustment.
(Added to NRS by 2003, 1967; A 2009, 801)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.735 - Applicability.

Except as specifically provided in a trust instrument, a will or NRS 164.700 to 164.925, inclusive, the provisions of NRS 164.700 to 164.925, inclusive, apply to any trust or estate of a decedent existing on or after October 1, 2003.
(Added to NRS by 2003, 1967)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.740 - Duty to comply with prudent investor rule; circumstances under which trustee is immune from liability.

Except as otherwise provided in chapter 669A of NRS, a trustee who invests and manages trust property owes a duty to the beneficiaries of the trust to comply with the prudent investor rule as set forth in NRS 164.700 to 164.775, inclusive, but a trustee is not liable to a beneficiary to the extent that the trustee:
1. Acted in reasonable reliance on the terms of the trust or a court order; and
2. Determined in good faith to not diversify the investments of a trust pursuant to NRS 164.750.
(Added to NRS by 2003, 1967; A 2011, 1817; 2015, 3555)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.745 - Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee.

1. A trustee shall invest and manage trust property as a prudent investor would, considering the terms, purposes, requirements for distribution, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
2. A trustee’s decisions concerning investment and management as applied to individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as part of an overall strategy of investment having objectives for risk and return reasonably suited to the trust.
3. Among circumstances that a trustee shall consider in investing and managing trust property are such of the following as are relevant to the trust or its beneficiaries:
(a) General economic conditions;
(b) The possible effect of inflation or deflation;
(c) The expected tax consequences of decisions or strategies;
(d) The role that each investment or course of action plays within the overall trust portfolio;
(e) The expected total return from income and the appreciation of capital;
(f) Other resources of the beneficiaries;
(g) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and
(h) An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.
4. A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust property.
5. A trustee may invest in any kind of property or type of investment consistent with the standards of NRS 164.700 to 164.775, inclusive, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property.
6. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that he or she has special skills or expertise, has a duty to use those special skills or expertise.
(Added to NRS by 2003, 1967)
2023 Nevada Revised Statutes › Chapter 164 - Administration of Trusts › NRS 164.755 - Duty to bring trust portfolio into compliance with terms and circumstances of trust and provisions of NRS within reasonable time.

Within a reasonable time after accepting a trusteeship or receiving trust property, a trustee shall review the trust property and make and carry out decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, requirements for distribution and other circumstances of the trust, and with the requirements of NRS 164.700 to 164.775, inclusive.
(Added to NRS by 2003, 1968)