NRS 163.187
Termination of trust when value of trust property insufficient to justify cost of administration.

1.

After notice to the beneficiaries, the trustee of a trust that consists of trust property having a total value of less than $100,000 or that is uneconomical to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee.

2.

The court may modify or terminate a trust, in accordance with NRS 163.185, or remove the trustee and appoint a different trustee if the court determines that the value of the trust property is insufficient to justify the cost of administration.

3.

On termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.

4.

This section does not apply to a trust whose trust property includes an easement for conservation.

5.

As used in this section:

(a)

“Easement for conservation” has the meaning ascribed to it in NRS 111.410.

(b)

“Interested trustee” means:

(1)

An individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed.

(2)

Any trustee who may be removed and replaced by an interested distributee.

(3)

An individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust.

Source: Section 163.187 — Termination of trust when value of trust property insufficient to justify cost of administration., https://www.­leg.­state.­nv.­us/NRS/NRS-163.­html#NRS163Sec187.

163.010
Short title. 163.020
Definitions. 163.023
Powers of trustee. 163.025
Combining or dividing certain trusts. 163.026
Giving name to or changing name of certain trusts. 163.027
Distribution of property or money of trust: Powers of trustee 163.030
Loan of money held in trust. 163.040
Corporate trustee may deposit with self certain money held in trust. 163.050
Trustee buying from or selling to self or affiliate. 163.060
Trustee selling from one trust to self as trustee of another trust. 163.070
Purchase by corporate trustee of its own stocks, bonds or other securities for trust prohibited unless specifically authorized. 163.080
Voting stock. 163.090
Holding stock in name of nominee. 163.100
Powers of trustee attached to office. 163.110
Powers of cotrustees: Exercisable by majority if more than two cotrustees 163.115
Removal of trustee 163.117
Ex parte order restraining trustee from taking certain actions. 163.120
Claims based on certain contracts or obligations: Assertion against trust 163.130
Exoneration or reimbursement of trustee for tort. 163.140
Commission of tort by trustee or predecessor: Prerequisites to suit and collection from trust property 163.145
Using power to appoint or distribute income to discharge own legal obligation prohibited. 163.150
Withdrawal from mingled money of multiple trusts. 163.160
Power of settlor 163.170
Power of beneficiary. 163.180
Power of court. 163.185
Power of court to order termination and distribution of trust before time provided in trust instrument. 163.187
Termination of trust when value of trust property insufficient to justify cost of administration. 163.190
Penalty for violation of certain provisions of chapter. 163.200
Uniformity of interpretation.
Last Updated

Jun. 24, 2021

§ 163.187’s source at nv​.us