Nev. Rev. Stat. ch. 164 – Administration of Trusts | Midpage

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Nevada Revised Statutes

Chapter 164

Nev. Rev. Stat. ch. 164

Administration of Trusts

164.005Applicability of provisions of chapters 132, 153 and 155 of NRS regulating matters of estates 164.010Petition for assumption of jurisdiction; circumstances in which jurisdiction is proper in this State; determination of venue; powers of court; petition for removal of trust from jurisdiction of court 164.015Petition concerning internal affairs of nontestamentary trust; jurisdiction of court; procedure for contests of certain trusts; final order; appeal 164.021Notice by trustee to beneficiaries, heirs and other interested persons concerning change of revocable trust to irrevocable trust; contents of notice; limitation of action to contest validity of trust; exceptions; waiver of notice 164.025Notice of death of settlor; filing of claim against settlor, trust estate or settlor and trust estate; effect of failure to file claim; notice to Nevada Health Authority and Department of Human Services under certain circumstances; notice of rejected claim; effect of failure to bring suit after notice of rejected claim 164.030Petition for instructions: Notice; hearing; final order; appeal 164.033Petition concerning conveyance, transfer or delivery of property of trust; notice of hearing; order; appeal 164.037Petitions: Notice and hearing 164.038Circumstances under which certain persons are authorized to be represented by persons with similar interests in proceedings concerning administration of trust; binding results; representation by powerholder for permissible appointee or taker in default of appointment; representation by parent or guardian of beneficiary 164.040Power or jurisdiction of court not abridged; court may take action necessary or proper to dispose of matter presented by petition 164.041Confidential information: Redaction and sealing of information without prior court order in certain circumstances 164.043Expenses and compensation of trustees 164.045Circumstances under which laws of this State govern trusts; change of situs to this State; determination of liability of fiduciary acting or failing to act in good faith belief that laws of foreign jurisdiction govern 164.067Power to sell, convey or encumber 164.070Short title 164.080Establishment; investments; management 164.090Accountings 164.100Uniformity of interpretation 164.130Transfer by court to district court in this State or court outside Nevada 164.400Presentation; effect; form 164.410Contents 164.420Dispositive provisions not required; person presented with certification may request excerpts from trust instrument designating trustee 164.430Reliance upon facts contained in certification; enforceability 164.440Failure to demand certification not improper act; liability 164.640Short title 164.643Definitions 164.645“Charitable purpose” defined 164.647“Endowment fund” defined 164.650“Gift instrument” defined 164.653“Institution” defined 164.655“Institutional fund” defined 164.657“Person” defined 164.660“Program-related asset” defined 164.663“Record” defined 164.665Standard of conduct in managing and investing institutional fund 164.667Appropriation for expenditure or accumulation of endowment fund; rules of construction 164.670Delegation of management and investment functions 164.673Release or modification of restrictions on management, investment or purpose 164.675Reviewing compliance 164.677Relation to Electronic Signatures in Global and National Commerce Act 164.680Uniformity of application and construction 164.700Definitions 164.705Short title 164.710Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS 164.715Acting in interest of beneficiaries 164.720Trust having two or more beneficiaries; impartial administration of trust or estate 164.725Notice of proposed action: Authorized; to whom notice must be sent; content; objection to proposed action; limitations on liability; court order to take action over objection; burden of proof; notice when action not taken 164.730No duty to make adjustment between principal and income; trustee immunity from liability 164.735Applicability 164.740Duty to comply with prudent investor rule; circumstances under which trustee is immune from liability 164.745Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee 164.750Diversification of investments 164.755Duty to bring trust portfolio into compliance with terms and circumstances of trust and provisions of NRS within reasonable time 164.760Incurring costs 164.765Determination of compliance with prudent investor rule 164.770Delegation of functions by trustee; standard of care owed by agent; trustee immunity from liability; jurisdiction over agent 164.775Terms and language of trust which authorize certain investments or strategies 164.780Short title 164.785Definitions 164.790Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule 164.795Adjustment between principal and income; consideration of factors; adjustment prohibited under certain circumstances; release of power to adjust; effect of terms of trust that limit power to adjust 164.796Circumstances under which trustee authorized to convert trust into unitrust; effect of such conversion on certain terms of trust; liability of trustee or disinterested person 164.797Administration of unitrust: Duties of trustee; valuation of assets of trust 164.798Administration of unitrust: Powers of trustee; manner of distributions 164.799Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust 164.800Applicable rules after death of decedent or end of income interest in trust 164.805Distribution of net income to beneficiaries; rules for determining share of net income 164.810Date on which income interest begins; date on which asset becomes subject to trust or successive income interest; date on which income interest ends 164.815Allocation of certain income receipts and disbursements; due dates for certain payments and distributions 164.820Payment of undistributed income upon end of mandatory income interest; prorating final payment upon end of obligation to pay fixed annuity or fixed fraction of value of trust’s assets 164.825Allocation of money received from entity to income; allocation of receipts from entity to principal; determination of money as return of capital; reliance upon financial statements and other information about character of distribution or source of funds from which distribution is made 164.830Allocation of amount received as distribution of income to income; allocation of distribution of principal to principal; purchase of interest in trust that is investment entity 164.835Accounting separately for business or other activity 164.840Allocation of assets, money, property and other receipts to principal 164.845Allocation of receipts from rental property to income; treatment of refundable deposit 164.850Allocation of interest on obligation to pay money to trustee to income; allocation of amount received from disposition of certain obligations to principal; applicability of provisions 164.855Allocation of proceeds of life insurance policy and certain contracts to principal; allocation of dividends on insurance policy to income or principal 164.860Allocation of entire amount to principal if allocation between principal and income under certain circumstances is insubstantial 164.865Allocation of certain payments received because of services rendered or property transferred to payor in exchange for future payments to income or principal, or both; certain exceptions for trusts that qualify for marital deduction under federal law 164.870Allocation of receipts from liquidating assets to income and principal 164.875Allocation of receipts from interest in minerals to income or to income and principal; allocation of receipts from interest in water to income or to income and principal; applicability 164.880Allocation of net receipts from sale of timber and related products to income or principal, or both; applicability 164.885Request of spouse if marital deduction is allowed and amounts transferred from principal to income and distributed are insufficient to obtain marital deduction; proceeds from sale or disposition of assets generally principal 164.890Allocation of receipts from and disbursements made in connection with transactions in derivatives to principal; allocation of amount received for granting certain options to principal 164.895Allocation from proceeds of collateral financial assets to income and principal; allocation of payments in exchange for interest in asset-backed security to principal or to principal and income 164.900Disbursements required to be made from income; reduction of amount charged against income 164.905Disbursements required to be made from principal 164.910Transfer of net cash receipts from principal asset subject to depreciation to principal 164.915Transfer of amount from income to principal to make certain principal disbursements 164.920Payment of taxes required to be paid by trustee 164.925Adjustments between principal and income to offset shifting economic interests or tax benefits between income beneficiaries and remainder beneficiaries; reimbursement of principal if estate taxes are increased and income taxes are decreased under certain circumstances 164.930Enforceability of certain arbitration provisions; presumption in favor of binding arbitration; appointment of guardian ad litem; contents of arbitration provisions 164.940Nonjudicial settlement agreements: Enforceability; when void; matters that may be resolved 164.942Nonjudicial settlement agreements: When effective; providing objections; notice of proposed action; failure to object constitutes acceptance; petitioning court for approval 164.950Distribution by trustee of community property in nontestamentary trust established by married settlors 164.960Applicability of NRS 111.781 to transfers of property made pursuant to trust