NRS 159A.078
Petition by guardian or other interested person for order authorizing or directing guardian to take certain actions.
1.
Before taking any of the following actions, the guardian shall petition the court for an order authorizing the guardian to:(a)
Except as otherwise provided in this paragraph, make or change the designation of a beneficiary in a will, trust, insurance policy, bank account or any other type of asset of the protected minor which includes the designation of a beneficiary. The guardian is not required to petition the court for an order authorizing the guardian to utilize an asset which has a designated beneficiary, including the closure or discontinuance of the asset, for the benefit of a protected minor if:(1)
The asset is the only liquid asset available with which to pay for the proper care, maintenance, education and support of the protected minor;(2)
The asset, or the aggregate amount of all the assets if there is more than one type of asset, has a value that does not exceed $5,000; or(3)
The asset is a bank account, investment fund or insurance policy and is required to be closed or discontinued in order for the protected minor to qualify for a federal program of public assistance.(b)
Create for the benefit of the protected minor or others a revocable or irrevocable trust of the property of the estate.(c)
Except as otherwise provided in this paragraph, exercise the right of the protected minor to revoke or modify a revocable trust or to surrender the right to revoke or modify a revocable trust. The court shall not authorize or require the guardian to exercise the right to revoke or modify a revocable trust if the instrument governing the trust:(1)
Evidences an intent of the protected minor to reserve the right of revocation or modification exclusively to the protected minor;(2)
Provides expressly that a guardian may not revoke or modify the trust; or(3)
Otherwise evidences an intent that would be inconsistent with authorizing or requiring the guardian to exercise the right to revoke or modify the trust.2.
Any other interested person may also petition the court for an order authorizing or directing the guardian to take any action described in subsection 1.3.
The court may authorize the guardian to take any action described in subsection 1 if, after notice to any person who is adversely affected by the proposed action and an opportunity for a hearing, the court finds by clear and convincing evidence that:(a)
A reasonably prudent person or the protected minor would take the proposed action and that a person has committed or is about to commit any act, practice or course of conduct which operates or would operate as a fraud or act of exploitation upon the protected minor or estate of the protected minor and that person:(1)
Is designated as a beneficiary in or otherwise stands to gain from an instrument which was executed by or on behalf of the protected minor; or(2)
Will benefit from the lack of such an instrument; or(b)
The proposed action is otherwise in the best interests of the protected minor for any other reason not listed in this section.4.
The petition must contain, to the extent known by the petitioner:(a)
The name, date of birth and current address of the protected minor;(b)
A concise statement as to the condition of the protected minor’s estate; and(c)
A concise statement as to the necessity for the proposed action.5.
As used in this section:(a)
“Exploitation” means any act taken by a person who has the trust and confidence of a protected minor to:(1)
Obtain control, through deception, intimidation or undue influence, over the money, assets or property of the protected minor with the intention of permanently depriving the protected minor of the ownership, use, benefit or possession of the protected minor’s money, assets or property.(2)
Convert money, assets or property of the protected minor with the intention of permanently depriving the protected minor of the ownership, use, benefit or possession of the protected minor’s money, assets or property.(b)
“Fraud” means an intentional misrepresentation, deception or concealment of a material fact known to the person with the intent to deprive the protected minor of the protected minor’s rights or property or to otherwise injure the protected minor.(c)
“Interested person” has the meaning ascribed to it in NRS 132.185 and also includes a named beneficiary under a trust or other instrument if the validity of the trust or other instrument may be in question.
Source:
Section 159A.078 — Petition by guardian or other interested person for order authorizing or directing guardian to take certain actions., https://www.leg.state.nv.us/NRS/NRS-159A.html#NRS159ASec078.