Nevada Guardianships; Conservatorships; Trusts

Sec. § 165.020
Definitions; applicability of chapter.


1.

As used in this chapter:

(a)

“Account” means a report of the financial condition of the trust estate prepared by a trustee which:

(1)

Must include the information set forth in NRS 165.135; and

(2)

May include information required by court order, the terms of the trust instrument or NRS 165.1201 to 165.148, inclusive.

(b)

“Accounting period” means the period for which the trustee is accounting and, except as otherwise provided in this chapter, commencing with the first day following the previous accounting period and ending on the date specified by the trustee or on the date specified by the court if the account is ordered by the court. If the account is an initial account, the initial account commences on the day the trustee became the trustee.

(c)

“Broad power of appointment” means a power of appointment held by a person, commonly referred to as a power holder, that can be exercised in favor of:

(1)

The power holder, without any restriction or limitation; or

(2)

Any person other than one or more of the following:
(I) The power holder;
(II) The power holder’s estate;
(III) The power holder’s creditors; or
(IV) The creditors of the power holder’s estate.

(d)

“Current beneficiary” means a distribution beneficiary to whom or for whose benefit the trustee is authorized or required to make distributions of income or principal at any time during the accounting period.

(e)

“Distribution beneficiary” has the meaning ascribed to it in NRS 163.415.

(f)

“Remainder beneficiary” means a beneficiary who will become a current beneficiary upon the death of an existing current beneficiary or upon the occurrence of some other event that may occur during the beneficiary’s lifetime, regardless of whether the beneficiary’s share is subject to elimination, but has not been eliminated, under a power of appointment other than a broad power of appointment.

(g)

“Remote beneficiary” means a natural person or an entity whose interest in the trust estate is preceded by the priority interest of one or more current beneficiaries and one or more remainder beneficiaries, all of whose interests must be extinguished by death or pursuant to the terms of the trust instrument before the remote beneficiary may become a current beneficiary.

(h)

“Settlor” means the creator of a testamentary as well as a nontestamentary trust. The term includes a trustor and a grantor.

(i)

“Successor trustee” means a successor to the acting trustee or substitute trustee named or appointed to succeed a predecessor trustee who has not yet assumed the role of trustee. Upon assuming the role, the successor trustee must thereafter be referred to as the trustee.

(j)

“Testamentary trustee” means a trustee serving under a trust created by a will of a testator domiciled in this state at the time of the testator’s death, whose will has been admitted to probate in this state, whether the trustee was appointed by the testator or by a court or other authority.

(k)

“Trust” means:

(1)

A trust as defined in NRS 163.020;

(2)

A testamentary trust as defined in NRS 163.0018; and

(3)

A nontestamentary trust as defined in NRS 163.0016.

(l)

“Trustee” includes a nontestamentary trustee, a testamentary trustee and a corporate trustee, as well as a natural person. The term does not include a successor or substitute trustee, until the successor trustee or substitute trustee assumes the role of acting trustee.

2.

This chapter does not apply to resulting trusts, constructive trusts, business trusts where certificates of beneficial interest are issued to the beneficiaries, investment trusts, voting trusts, insurance trusts prior to the death of the insured, trusts in the nature of mortgages or pledges, trusts created by judgment or decree of a federal court or a state court other than the district court acting in probate matters, liquidation trusts, or trust for the sole purpose of paying dividends, interest or interest coupons, salaries, wages or pensions.
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Feb. 5, 2021