Nevada Wills and Estates of Deceased Persons

Sec. § 153.031
Petition by trustee or beneficiary concerning affairs of trust: Purposes of petition; contents; notice and hearing; additional relief.

1.

A trustee or beneficiary may petition the court regarding any aspect of the affairs of the trust, including:

(a)

Determining the existence of the trust;

(b)

Determining the construction of the trust instrument;

(c)

Determining the existence of an immunity, power, privilege, right or duty;

(d)

Determining the validity of a provision of the trust;

(e)

Ascertaining beneficiaries and determining to whom property is to pass or be delivered upon final or partial termination of the trust, to the extent not provided in the trust instrument;

(f)

Settling the accounts and reviewing the acts of the trustee, including the exercise of discretionary powers;

(g)

Instructing the trustee;

(h)

Subject to the requirements of chapter 165 of NRS, compelling the trustee to report information about the trust or account, to the beneficiary;

(i)

Granting powers to the trustee;

(j)

Fixing or allowing payment of the trustee’s compensation, or reviewing the reasonableness of the trustee’s compensation;

(k)

Appointing or removing a trustee;

(l)

Accepting the resignation of a trustee;

(m)

Compelling redress of a breach of the trust;

(n)

Approving or directing the modification or termination of the trust;

(o)

Approving or directing the combination or division of trusts;

(p)

Amending or conforming the trust instrument in the manner required to qualify the estate of a decedent for the charitable estate tax deduction under federal law, including the addition of mandatory requirements for a charitable-remainder trust;

(q)

Compelling compliance with the terms of the trust or other applicable law; and

(r)

Permitting the division or allocation of the aggregate value of community property assets in a manner other than on a pro rata basis.

2.

A petition under this section must state the grounds of the petition and the name and address of each interested person, including the Attorney General if the petition relates to a charitable trust, and the relief sought by the petition. Except as otherwise provided in this chapter, the clerk shall set the petition for hearing and the petitioner shall give notice for the period and in the manner provided in NRS 155.010. The court may order such further notice to be given as may be proper.

3.

If the court grants any relief to the petitioner, the court may, in its discretion, order any or all of the following additional relief if the court determines that such additional relief is appropriate to redress or avoid an injustice:

(a)

Order a reduction in the trustee’s compensation.

(b)

Order the trustee to pay to the petitioner or any other party all reasonable costs incurred by the party to adjudicate the affairs of the trust pursuant to this section, including, without limitation, reasonable attorney’s fees. The trustee may not be held personally liable for the payment of such costs unless the court determines that the trustee was negligent in the performance of or breached his or her fiduciary duties.
Source

Last accessed
Feb. 5, 2021

REMOVE ADS