NRS 165.1207
Requirements for satisfying duty to account
- persons entitled to receive account.
1.
To the extent that the trust instrument does not provide otherwise, the trustee of a nontestamentary trust shall satisfy the duty to account for the nontestamentary trust estate by delivery of an account which conforms with the requirements of NRS 165.135, and pursuant to the following:(a)
Except as otherwise limited by paragraph (b), the trustee shall deliver an account, upon demand pursuant to NRS 165.141, to each current beneficiary, and to each remainder beneficiary of the trust. A trustee is not required to provide an account to a remote beneficiary pursuant to this section.(b)
Notwithstanding paragraph (a), a trustee may satisfy the duty to account in accordance with subparagraphs (1) to (6), inclusive, where applicable:(1)
While a trust is revocable by the settlor, the trustee is not required to deliver an account to any person other than the settlor except that a trustee of such a trust shall deliver an account if:(2)
While the trust is irrevocable in its entirety, but is subject to a broad power of appointment, the trustee is not required to provide an account other than to the power holder for the trust or portion of the trust that is subject to a broad power of appointment.(3)
The trustee is not required to provide an account to a person who has been eliminated as a beneficiary by the effective exercise of a power of appointment.(4)
The trustee is not required to provide an account of any portion of the trust estate to a beneficiary that does not affect the beneficiary’s interest in the trust, and the trustee may redact the account as to such portions that do not affect the beneficiary’s interest.(5)
A trustee is not required to provide an account to a beneficiary of an irrevocable trust while that beneficiary’s only interest in the trust estate is a discretionary interest, as described in NRS 163.4185.(6)
A trustee is not required to provide an account to any beneficiary who has waived or is deemed to have waived the right to receive an account in accordance with NRS 165.121. However, if the waiver is partial or only as to form of the account, the trustee shall satisfy the duty to account in accordance with the terms of the waiver.2.
Nothing in this section shall be interpreted to prohibit a trustee from petitioning the court for instructions as to the persons entitled to receive an account and the procedures required of the trustee to satisfy the requirements of this section pursuant to subsection 2 of NRS 165.148.
Source:
Section 165.1207 — Requirements for satisfying duty to account; persons entitled to receive account., https://www.leg.state.nv.us/NRS/NRS-165.html#NRS165Sec1207.