Retention of jurisdiction by court after final distribution.
If a life estate or estate for years is created by or under any will to continue after distribution of the estate, the court does not lose jurisdiction of the estate, life estate or estate for years by final distribution of the estate, but retains jurisdiction of it until the distribution of the residue of the life estate or estate for years to those entitled to it is complete. Proof of distribution of the residue may be made upon petition of any person entitled to share in the distribution of the life estate or estate for years, which terminates the jurisdiction of the court upon decree of the court. The court does not retain jurisdiction over a testamentary trust created by or under a will after distribution of that portion of the estate to such a testamentary trust.
Notwithstanding the provisions of subsection 1, before the entry of an order granting final distribution of the estate, the court may consider a petition filed by the trustee or any beneficiary of the testamentary trust requesting the court to retain jurisdiction of the testamentary trust and, upon good cause shown, the court may order such continued jurisdiction. Such a petition must be filed with the clerk of the court before the hearing on the petition for final distribution of the estate and must be served on all interested persons in accordance with NRS 155.010.
This section must not be construed to limit the ability of an interested person to subsequently seek submission of a testamentary trust to the jurisdiction of the court pursuant to NRS 164.010.