reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.030 - Request for list of assets of trust estate.

An interested person to whom a trustee is required to account pursuant to this chapter may provide a written request to the trustee at any time 60 days or more after the appointment of the trustee which seeks a list of the assets of the trust estate known to the trustee. The trustee shall serve the information to the requesting interested party in the same manner required for notice, as set forth in NRS 155.010 within 15 days after receipt of the written request.
[2:135:1941; 1931 NCL § 7718.01]—(NRS A 1975, 1781; 1999, 2381; 2015, 3560; 2017, 1697)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.1201 - Applicability to testamentary trusts; general duties of trustee.

1. Except as otherwise provided in this chapter, the provisions of NRS 165.1204 apply to a testamentary trust.
2. Except as otherwise provided by the will creating a testamentary trust or by a court order, until the termination of a testamentary trust, the trustee shall account for the income and principal of a testamentary trust in the same manner as required by a trustee of a nontestamentary trust pursuant to NRS 165.1201 to 165.148, inclusive.
(Added to NRS by 2015, 3556)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.1204 - Applicability to nontestamentary trusts; general duties of trustee.

1. The trustee of a nontestamentary trust has a duty to account for the trust estate in accordance with the provisions of NRS 165.1201 to 165.148, inclusive.
2. The trustee of a nontestamentary trust shall satisfy the duty to account by delivery of an account in the form, manner and to the persons as required by the terms and conditions stated in the trust instrument.
(Added to NRS by 2015, 3556)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.121 - Waiver of right to receive account.

Notwithstanding the provisions of NRS 165.1201 to 165.148, inclusive, any beneficiary may waive the right to receive an account from a trustee by delivering to the trustee a waiver signed by the beneficiary. The waiver may be a limited waiver as to the form of the account, of the right to seek a hearing on the account, or of the right to receive notice of a hearing on the account. Such waiver is applicable to the beneficiary and any other beneficiaries who are represented by the waiving beneficiary pursuant to NRS 164.038 or by order of the court.
(Added to NRS by 2015, 3557)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.138 - Written demand for account by beneficiary: General duties of trustee; power to provide account or information without demand.

1. Notwithstanding any provision to the contrary in the trust instrument, but subject to the right of the trustee to petition the court for further instructions pursuant to subsection 2 of NRS 165.148, and subject to the exceptions set forth under paragraph (b) of subsection 1 of NRS 165.1207, a trustee shall provide an account conforming with the requirements of NRS 165.135 to a beneficiary pursuant to a demand by such beneficiary pursuant to NRS 165.141.
2. A trustee, at the expense of the trust, may provide:
(a) An account to one or more beneficiaries at any time, with or without demand; and
(b) More information to beneficiaries, including, without limitation, remote beneficiaries, than is required under the trust instrument or by law.
(Added to NRS by 2015, 3557)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.141 - Written demand for account by beneficiary: Acceptance or rejection of demand by trustee; limitations on right to demand account.

A beneficiary who has not otherwise been provided with an account pursuant to this chapter may send a written demand for an account to the trustee in accordance with the following procedure:
1. The demand on the trustee must be sent to the trustee or to the trustee’s attorney of record and the demand must include, without limitation:
(a) The identity of the demanding beneficiary, including the beneficiary’s mailing address or the address of the beneficiary’s attorney;
(b) The accounting period for which an account is demanded; and
(c) The nature and extent of the account demanded and the legal basis for the demand.
2. Within 14 days after the trustee has received a demand for an account from a beneficiary, the trustee shall notify the demanding beneficiary of the trustee’s acceptance or rejection of the demand or that the trustee intends to seek instructions from the court pursuant to subsection 2 of NRS 165.148 regarding the sufficiency of the demand or the right of the beneficiary to receive an account. The trustee shall:
(a) Provide an account within 60 days after receipt of the demand, unless that time is modified by consent of the beneficiary or by order of the court if the trustee accepts the beneficiary’s demand for an account;
(b) Set forth the grounds for rejecting the beneficiary’s demand for an account in the notice of rejection and inform the beneficiary that the beneficiary has 60 days in which to petition the court to review the rejection if the trustee rejects the beneficiary’s demand for an account; or
(c) File a petition with the court pursuant to NRS 164.015 seeking instructions from the court pursuant to subsection 2 of NRS 165.148 regarding the sufficiency of the demand or the right of the beneficiary to receive an account within 15 days after the receipt of the demand if the trustee intends to seek instructions from the court.
3. The demand by the beneficiary and the notice of the trustee’s action thereon must be delivered by first-class mail, personal delivery or commercial carrier. If delivery of the demand or of the notice is in dispute, proof of delivery may be established by a return receipt or other proof of delivery provided by the person making the delivery or by affidavit of the person who arranged for the delivery setting forth the delivery address, the method of delivery arranged for and the actions taken by that person to arrange for the delivery.
4. If the trustee fails to accept, reject or seek instructions concerning a beneficiary’s demand for an account as required by subsection 2, the beneficiary’s demand shall be deemed rejected.
5. A beneficiary is not entitled to demand an account pursuant to this section if the accounting period for which the demand is made is deemed final pursuant to subsection 4 of NRS 165.1214.
(Added to NRS by 2011, 1474; A 2015, 3563)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.143 - Petition to review trustee’s rejection of written demand for account; time to file; notice; hearing.

1. A beneficiary whose demand for an account in compliance with NRS 165.141 is rejected or deemed rejected must file a petition seeking the court’s review of the trustee’s rejection within 60 days after the rejection date as described in subsection 2 and is thereafter barred from further right to demand an account for the period subject to the demand. A petition filed pursuant to this section may also seek additional relief pursuant to NRS 153.031, 164.015 and 164.030.
2. If the trustee rejects the beneficiary’s demand for an account, the rejection date is the date on which the trustee provides the beneficiary with a notice of rejection. If the trustee fails to accept or reject the beneficiary’s demand, the rejection date is deemed to be 14 days after the beneficiary delivered the demand to the trustee.
3. If the court has not previously accepted jurisdiction over the trust pursuant to NRS 164.010, the beneficiary must petition the court to confirm the appointment of the trustee pursuant to NRS 164.010 and to admit the trust to the jurisdiction of the court. Such a petition may be combined with the petition for the court’s review of the trustee’s rejection.
4. The clerk shall set the petition 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 and place of the hearing.
5. If one or more other beneficiaries with interests substantially similar to the petitioner request to join the petition at or before the hearing, the court shall consider the other beneficiaries to be additional petitioners without requiring those beneficiaries to file separate petitions or to give separate notices of the hearing.
6. At the hearing, as to each petitioner, the court may enter an order:
(a) Compelling the trustee to provide an account to the petitioner and specifying the nature and extent of the account to be provided;
(b) Declaring that the petitioner is not entitled to an account and setting forth the reason or reasons the petitioner is not so entitled; or
(c) Compelling the trustee to provide an account to the petitioner as described in paragraph (a) and authorizing an independent review of the account using the procedure set forth in NRS 165.145.
7. Except as otherwise provided in subsection 3 of NRS 153.031, each petitioner shall pay his or her own expenses, including, without limitation, attorney’s fees, that arise in conjunction with filing a petition pursuant to this section.
(Added to NRS by 2011, 1474; A 2015, 3564)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.147 - Requirement to provide copy of trust instrument to beneficiary entitled to receive account.

1. Upon demand by a beneficiary pursuant to NRS 165.141 who is entitled to receive an account pursuant to the terms of NRS 165.1201 to 165.148, inclusive, a trustee shall provide a copy of the trust instrument to that beneficiary except as expressly provided otherwise in the trust instrument.
2. Notwithstanding the provisions of subsection 1 or any provision to the contrary in the trust instrument, the court may direct the trustee to provide a beneficiary who is entitled to receive an account pursuant to the terms of NRS 165.1201 to 165.148, inclusive, a copy of the trust instrument, or such portions as the court deems to be pertinent to the determination of the adequacy of the trustee’s account and to the enforcement of the beneficiary’s rights under the trust.
3. Except as otherwise provided in NRS 165.145 or by order of the court for good cause shown, the trustee must not be compelled to provide a copy of the trust instrument to a person who is not a beneficiary of the trust or a person who is not entitled to an account of the trust pursuant to the provisions of NRS 165.1201 to 165.148, inclusive.
(Added to NRS by 2011, 1476; A 2015, 3566)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.148 - Personal liability of trustee for failing to provide account; exceptions.

1. Unless the court determines that the trustee was acting in good faith, a trustee who fails to provide an account pursuant to the terms of the trust instrument, or when required pursuant to the provision of this chapter, is personally liable to each person entitled to receive an account who demanded the account in writing pursuant to this chapter or all costs reasonably incurred by each such person to enforce the terms of the trust or this chapter, including, without limitation, reasonable attorney’s fees and court costs. The trustee shall not expend trust funds to satisfy the trustee’s personal liability imposed under this subsection.
2. Notwithstanding subsection 1, if the trustee’s failure to account is based upon good cause due to the trustee’s reasonable uncertainty as to the beneficiary’s right to an account or by a provision in the trust instrument that specifically restricts or prohibits the trustee from providing an account to a beneficiary who is otherwise entitled to an account, then the trustee may, at the expense of the trust estate, bring a petition for instructions before the court to confirm:
(a) The right of the beneficiary to receive an account;
(b) The right of and sufficiency of a demand for an account by a beneficiary; or
(c) The extent of account required to satisfy the trustee’s duty to account to such beneficiary, if any, including the sufficiency of a confidential account pursuant to NRS 165.145.
(Added to NRS by 2015, 3558)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.149 - Limitations on duties and liability of person with power of appointment.

Except as otherwise provided in a trust instrument, a person holding a power of appointment pursuant to a nontestamentary trust does not owe a fiduciary duty to any person and is not liable to any person with respect to the exercise or nonexercise of the power of appointment.
(Added to NRS by 2011, 1477)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.150 - Duties of clerks and courts.

The clerks of the district courts shall severally keep records of all trust inventories and accounts filed with their respective courts. Those courts shall, upon learning that a trustee subject to their respective jurisdictions has failed to perform any duty placed upon the trustee by this chapter, issue a citation or order to the trustee requiring him or her to perform that duty.
[14:135:1941; 1931 NCL § 7718.13]—(NRS A 1999, 2385)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.170 - Power of beneficiary.

Any beneficiary, if of full age and sound mind, may, if acting upon full information, by written instrument delivered to the trustee, excuse the trustee as to such beneficiary from performing any of the duties imposed on the trustee by this chapter or exempt the trustee from liability to such beneficiary for failure to perform any of the duties imposed upon the trustee by the terms of this chapter.
[16:135:1941; 1931 NCL § 7718.15]
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.180 - Accountability of trustees at other times.

This chapter does not abridge the power of any court of competent jurisdiction to require testamentary or nontestamentary trustees to file an inventory, to account, to exhibit the trust property, or to give beneficiaries information or the privilege of inspection of trust records and papers, at times other than those prescribed in this chapter, or abridge the power of the court for cause shown to excuse a trustee from performing any or all of the duties imposed on the trustee by this chapter. This chapter does not preclude the trustee from accounting voluntarily even if he or she is not required to do so by this chapter or by court order.
[17:135:1941; 1931 NCL § 7718.16]—(NRS A 1999, 2385)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.190 - Enforcement.

A beneficiary may petition the court having jurisdiction over the accountings, as prescribed in this chapter, for an order requiring the trustee to perform the duties imposed upon the trustee by this chapter.
[18:135:1941; 1931 NCL § 7718.17]—(NRS A 1999, 2385)
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.200 - Penalties for violation of chapter.

When a trustee fails to perform any of the duties imposed upon the trustee by this chapter the trustee may be removed, the trustee’s compensation may be reduced or forfeited, or other civil penalty inflicted, in the discretion of the court.
[19:135:1941; 1931 NCL § 7718.18]
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.210 - Form of inventory and accounts; compensation of attorney for intermediate and final accounts.

1. The courts given jurisdiction over accountings by this chapter may prescribe forms in which inventories and accounts shall be presented.
2. An attorney for a trustee shall be entitled to receive a reasonable compensation, to be allowed by the court, for services rendered to the trustee in the preparation and presentation of intermediate and final accounts.
[10.5:135:1941; added 1955, 21] + [20:135:1941; 1931 NCL § 7718.19]
2023 Nevada Revised Statutes › Chapter 165 - Trustees’ Accounting (Uniform Act) › NRS 165.220 - Oaths.

Whenever an oath or affirmation is required of a trustee under this chapter, it may be made in the case of a corporate trustee by an officer of such corporate trustee, and in the case of cotrustees acting jointly by any one of the cotrustees.
[21:135:1941; 1931 NCL § 7718.20]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.015 - Applicability of chapter; requirement of trustee if settlor is beneficiary of trust.

1. Unless the writing declares to the contrary, expressly, this chapter governs the construction, operation and enforcement, in this State, of all spendthrift trusts created in or outside this State if:
(a) All or part of the land, rents, issues or profits affected are in this State;
(b) All or part of the personal property, interest of money, dividends upon stock and other produce thereof, affected, are in this State;
(c) The declared domicile of the creator of a spendthrift trust affecting personal property is in this State; or
(d) At least one trustee qualified under subsection 2 has powers that include maintaining records and preparing income tax returns for the trust, and all or part of the administration of the trust is performed in this State.
2. If the settlor is a beneficiary of the trust, at least one trustee of a spendthrift trust must be:
(a) A natural person who resides and has his or her domicile in this State;
(b) A trust company that:
(1) Is organized under federal law or under the laws of this State or another state; and
(2) Maintains an office in this State for the transaction of business; or
(c) A bank that:
(1) Is organized under federal law or under the laws of this State or another state;
(2) Maintains an office in this State for the transaction of business; and
(3) Possesses and exercises trust powers.
3. As used in this section, "trust company" does not include a foreign independent trust company authorized to engage only in the solicitation of trust company business in this State pursuant to NRS 669.205.
[4:86:1939; 1931 NCL § 6880.03]—(NRS A 1999, 1236; 2011, 1480; 2017, 561)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.018 - "Settlor" defined.

"Settlor" means:
1. The person who creates a spendthrift trust however described in the trust instrument; or
2. Any person who contributes assets to the spendthrift trust as to the assets he or she contributed to the spendthrift trust except to the extent of consideration received therefor by that person.
(Added to NRS by 2019, 1874)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.020 - "Spendthrift trust" defined.

"Spendthrift trust" means a trust in which by the terms thereof a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary is imposed. It is an active trust not governed or executed by any use or rule of law of uses.
[1:86:1939; 1931 NCL § 6880]—(NRS A 2019, 1874)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.025 - Terms: "Writing" or "written."

As used in this chapter, unless the context otherwise requires, when the term "writing" or "written" is used in reference to a will, trust or instrument, the term includes an electronic will as defined in NRS 132.119 and an electronic trust as defined in NRS 163.0015.
(Added to NRS by 2001, 2353)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.045 - Powers of settlor.

The settlor of a spendthrift trust has only those powers and rights that are conferred to the settlor by the trust instrument. An agreement or understanding, express or implied, between the settlor and the trustee that attempts to grant or permit the retention of greater rights or authority than is stated in the trust instrument is void.
(Added to NRS by 2011, 1480)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.050 - No specific language necessary for creation of trust.

No specific language is necessary for the creation of a spendthrift trust. It is sufficient if by the terms of the writing (construed in the light of this chapter if necessary) the creator manifests an intention to create such a trust.
[3:86:1939; 1931 NCL § 6880.02]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.070 - Principles enumerated in NRS 166.080 to 166.150, inclusive.

Unless the writing shall declare to the contrary, expressly, the construction, operation and enforcement of all spendthrift trusts, heretofore or hereafter created in this state, shall be governed by the principles stated in NRS 166.080 to 166.150, inclusive, to the same effect as if they were written therein.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.080 - Beneficiaries to be named.

The beneficiary or beneficiaries of such trust shall be named or clearly referred to in the writing. No spouse, former spouse, child or dependent shall be a beneficiary unless named or clearly referred to as a beneficiary in the writing.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.090 - Provision for support.

1. Provision for the beneficiary will be for the support, education, maintenance and benefit of the beneficiary alone, and without reference to or limitation by the beneficiary’s needs, station in life, or mode of life, or the needs of any other person, whether dependent upon the beneficiary or not.
2. The existence of a spendthrift trust does not depend on the character, capacity, incapacity, competency or incompetency of the beneficiary.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.100 - Income.

Provision for the beneficiary will extend to all of the income from the trust estate, devoted for that purpose by the creator of the trust, without exception or deduction, other than for:
1. Costs or fees regularly earned, paid or incurred by the trustee for administration of or protection of the trust estate;
2. Taxes on the same; or
3. Taxes on the interest of the beneficiary thereof.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.110 - Discretion of trustee.

1. In all cases where the creator of a spendthrift trust shall indicate the sum to be applied for or paid to the beneficiary or shall make the application or payment of sums or further sums for or to the beneficiary discretionary with the trustee, or shall make the amount thereof discretionary with the trustee, or shall give the trustee discretion to pay all or any part of the income to any one or more of the beneficiaries, such discretionary power shall be absolute, whether any valid provision for the accumulation of income is made or not and whether it relates to the income from real or personal property.
2. Such discretion shall never be interfered with for any consideration of the needs, station in life or mode of life of the beneficiary, or for uncertainty, or on any pretext whatever.
3. The giving of any such discretion does not invalidate any spendthrift trust.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.120 - Restraints on alienation; exclusive jurisdiction of court.

1. A spendthrift trust as defined in this chapter restrains and prohibits generally the assignment, alienation, acceleration and anticipation of any interest of the beneficiary under the trust by the voluntary or involuntary act of the beneficiary, or by operation of law or any process or at all. The trust estate, or corpus or capital thereof, shall never be assigned, aliened, diminished or impaired by any alienation, transfer or seizure so as to cut off or diminish the payments, or the rents, profits, earnings or income of the trust estate that would otherwise be currently available for the benefit of the beneficiary.
2. Payments by the trustee to the beneficiary, whether such payments are mandatory or discretionary, must be made only to or for the benefit of the beneficiary and not by way of acceleration or anticipation, nor to any assignee of the beneficiary, nor to or upon any order, written or oral, given by the beneficiary, whether such assignment or order be the voluntary contractual act of the beneficiary or be made pursuant to or by virtue of any legal process in judgment, execution, attachment, garnishment, bankruptcy or otherwise, or whether it be in connection with any contract, tort or duty. Any action to enforce the beneficiary’s rights, to determine if the beneficiary’s rights are subject to execution, to levy an attachment or for any other remedy must be made only in a proceeding commenced pursuant to chapter 153 of NRS, if against a testamentary trust, or NRS 164.010, if against a nontestamentary trust. A court has exclusive jurisdiction over any proceeding pursuant to this section.
3. The beneficiary shall have no power or capacity to make any disposition whatever of any of the income by his or her order, voluntary or involuntary, and whether made upon the order or direction of any court or courts, whether of bankruptcy or otherwise; nor shall the interest of the beneficiary be subject to any process of attachment issued against the beneficiary, or to be taken in execution under any form of legal process directed against the beneficiary or against the trustee, or the trust estate, or any part of the income thereof, but the whole of the trust estate and the income of the trust estate shall go to and be applied by the trustee solely for the benefit of the beneficiary, free, clear, and discharged of and from any and all obligations of the beneficiary whatsoever and of all responsibility therefor.
4. The trustee of a spendthrift trust is required to disregard and defeat every assignment or other act, voluntary or involuntary, that is attempted contrary to the provisions of this chapter.
[Part 5:86:1939; 1931 NCL § 6880.04]—(NRS A 2009, 802)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.130 - Legal estate of beneficiary in corpus.

A beneficiary of a spendthrift trust has no legal estate in the capital, principal or corpus of the trust estate unless under the terms of the trust the beneficiary or one deriving title from him or her is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life, and in the meantime the income from the corpus is not to be paid to him or her or any other beneficiary.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.140 - Perpetuities.

A spendthrift trust may not continue for a period longer than that allowed under NRS 111.103 to 111.1039, inclusive. The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in this State or in the state where the lands affected by the trust are situate, but a contingent remainder in fee may be created on a prior remainder in fee, to take effect if the persons to whom the first remainder is limited die under the age of 21 years, or upon any other contingency by which the estate of those persons may be determined before they attain that age.
[Part 5:86:1939; 1931 NCL § 6880.04]—(NRS A 1999, 1237)
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.150 - Accumulation of income.

An accumulation of the income of trust property may be directed in the will or other writing creating a spendthrift trust, for the benefit of one or more beneficiaries, to commence within the time permitted for the vesting of future interests and not to extend beyond the period limiting the time within which the absolute power of alienation of property may be suspended. If the direction is for a longer term than is permitted by law, it is void only as to the excess time, whether the direction be separable from the other clauses in the trust or not, and in such cases of invalidity the income may be paid and distributed to the next succeeding beneficiary in interest.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.160 - Settlor may make different provisions.

The principles stated in NRS 166.080 to 166.150, inclusive, shall not prevent the creator of any spendthrift trust, by will or other writing, from making other or different provisions provided he or she uses express, specific language to that end.
[Part 5:86:1939; 1931 NCL § 6880.04]
2023 Nevada Revised Statutes › Chapter 166 - Spendthrift Trusts › NRS 166.180 - Trust administered under laws of another state or foreign jurisdiction.

1. A trust administered under the laws of another state, or under the laws of a foreign jurisdiction, is a spendthrift trust pursuant to this chapter if:
(a) The trustee of the trust complies with any requirements set forth in the trust instrument and any requirements of the laws of the state or jurisdiction from which the trust is being transferred;
(b) The trustee or other person having the power to transfer the domicile of the trust declares such intent to transfer in writing;
(c) The writing declaring the intent to transfer the domicile of the trust is delivered to the trustee, if it is executed by a person other than the trustee; and
(d) All requirements of this chapter are satisfied simultaneously with, or immediately after, the change of domicile.
2. For purposes of NRS 166.170, if the domicile of an existing trust is transferred from another state or from a foreign jurisdiction to this State and the laws of the other state or jurisdiction are similar to the provisions of this chapter, the transfer shall be deemed to have occurred:
(a) On the date on which the settlor of the trust transferred assets into the trust if the applicable law of the trust has at all times been substantially similar to the provisions of this chapter; or
(b) On the earliest date on which the applicable laws of the trust were substantially similar to the provisions of this chapter.
(Added to NRS by 2011, 1479)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.020 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 166A.030 to 166A.170, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 285)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.070 - Custodial trust property" defined.

"Custodial trust property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest.
(Added to NRS by 2007, 285)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.100 - Incapacitated" defined.

"Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause.
(Added to NRS by 2007, 285)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.120 - Member of the beneficiary’s family" defined.

"Member of the beneficiary’s family" means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
(Added to NRS by 2007, 285)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.180 - Custodial trust; general.

1. A person may create a custodial trust of property by a written transfer of the property to another person evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Nevada Uniform Custodial Trust Act.
2. A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Nevada Uniform Custodial Trust Act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
3. Title to custodial trust property is in the custodial trustee, and the beneficial interest is in the beneficiary.
4. Except as otherwise provided in subsection 5, a transferor may not terminate a custodial trust.
5. The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
6. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
7. The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
8. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.
(Added to NRS by 2007, 285)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.190 - Custodial trustee for future payment or transfer.

1. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for _______________ (name of beneficiary) under the Nevada Uniform Custodial Trust Act."
2. Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.
3. A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer or obligor of the future right.
(Added to NRS by 2007, 286)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.200 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.

1. Obligations of a custodial trustee, including, without limitation, the obligation to follow the directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property.
2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE
I, ____________ (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _________ (name of beneficiary) under the Nevada Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Nevada Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is or becomes incapacitated. The custodial trust property consists of _________________________.
Dated:______________________
(Signature of Custodial Trustee)
3. Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
(Added to NRS by 2007, 286)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.210 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.

1. Unless otherwise directed by an instrument designating a custodial trustee pursuant to NRS 166A.190, a person, including, without limitation, a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.
2. A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
(Added to NRS by 2007, 287)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.220 - Multiple beneficiaries; separate custodial trusts; survivorship.

1. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of a married couple, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship or survivorship is required as to community or marital property.
2. Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.
3. A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to NRS 166A.230 and 166A.310 for the administration of the custodial trust.
(Added to NRS by 2007, 287; A 2017, 786)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.230 - General duties of custodial trustee.

1. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.
2. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee’s discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise.
3. Subject to subsection 2, a custodial trustee shall take control of and collect, hold, manage, invest and reinvest custodial trust property.
4. A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for _______________ (name of beneficiary) under the Nevada Uniform Custodial Trust Act."
5. A custodial trustee shall keep records of all transactions with respect to custodial trust property, including, without limitation, information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.
6. The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.
(Added to NRS by 2007, 287)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.240 - General powers of custodial trustee.

1. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.
2. This section does not relieve a custodial trustee from liability for a violation of NRS 166A.230.
(Added to NRS by 2007, 288)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.250 - Use of custodial trust property.

1. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.
2. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income or property of the beneficiary.
3. A custodial trustee may establish checking, savings or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
(Added to NRS by 2007, 288)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.260 - Determination of incapacity; effect.

1. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:
(a) The custodial trust was created under NRS 166A.210;
(b) The transferor has so directed in the instrument creating the custodial trust; or
(c) The custodial trustee has determined that the beneficiary is incapacitated.
2. A custodial trustee may determine that the beneficiary is incapacitated in reliance upon:
(a) Previous direction or authority given by the beneficiary while not incapacitated, including, without limitation, direction or authority pursuant to a durable power of attorney;
(b) The certificate of the beneficiary’s physician or advanced practice registered nurse; or
(c) Other persuasive evidence.
3. If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary’s incapacity has ceased, or that circumstances concerning the beneficiary’s ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
4. On petition of the beneficiary, the custodial trustee or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated.
5. Absent determination of incapacity of the beneficiary under subsection 2 or 4, a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
6. Incapacity of a beneficiary does not terminate:
(a) The custodial trust;
(b) Any designation of a successor custodial trustee;
(c) Rights or powers of the custodial trustee; or
(d) Any immunities of third persons acting on instructions of the custodial trustee.
(Added to NRS by 2007, 288; A 2019, 528)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.270 - Exemption of third person from liability.

A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:
1. The validity of the purported custodial trustee’s designation;
2. The propriety of, or the authority under this chapter for, any action of the purported custodial trustee;
3. The validity or propriety of an instrument executed or instruction given pursuant to this chapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
4. The propriety of the application of property vested in the purported custodial trustee.
(Added to NRS by 2007, 289)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.280 - Liability to third person.

1. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.
2. A custodial trustee is not personally liable to a third person:
(a) On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or
(b) For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.
3. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.
4. Subsections 2 and 3 do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
(Added to NRS by 2007, 289)
2023 Nevada Revised Statutes › Chapter 166A - Custodial Trusts (Uniform Act) › NRS 166A.300 - Expenses, compensation and bond of custodial trustee.

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:
1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
2. Has a noncumulative election, to be made no later than 6 months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
3. Need not furnish a bond or other security for the faithful performance of fiduciary duties.
(Added to NRS by 2007, 291)