NRS 111.1033
When nonvested property interest or power of appointment created.

1.

Except as provided in subsections 2 and 3 and in subsection 1 of NRS 111.1039, the time of creation of a nonvested property interest or a power of appointment is determined under general principles of property law.

2.

For purposes of NRS 111.103 to 111.1039, inclusive, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of:

(a)

A nonvested property interest; or

(b)

A property interest subject to a power of appointment described in subsection 2 or 3 of NRS 111.1031,
Ê the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates. For purposes of NRS 111.103 to 111.1039, inclusive, a joint power with respect to community property held by persons married to each other is a power exercisable by one person alone.

3.

For purposes of NRS 111.103 to 111.1039, inclusive, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created.

Source: Section 111.1033 — When nonvested property interest or power of appointment created., https://www.­leg.­state.­nv.­us/NRS/NRS-111.­html#NRS111Sec1033.

Last Updated

Feb. 3, 2020

§ 111.1033’s source at nv​.us