NRS 166A.230
General duties of custodial trustee.


1.

If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.

2.

If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee’s discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise.

3.

Subject to subsection 2, a custodial trustee shall take control of and collect, hold, manage, invest and reinvest custodial trust property.

4.

A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: “as custodial trustee for _______________ (name of beneficiary) under the Nevada Uniform Custodial Trust Act.”

5.

A custodial trustee shall keep records of all transactions with respect to custodial trust property, including, without limitation, information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.

6.

The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust.

Source: Section 166A.230 — General duties of custodial trustee., https://www.­leg.­state.­nv.­us/NRS/NRS-166A.­html#NRS166ASec230.

166A.010
Short title.
166A.020
Definitions.
166A.030
“Adult” defined.
166A.040
“Beneficiary” defined.
166A.050
“Conservator” defined.
166A.060
“Court” defined.
166A.070
“Custodial trust property” defined.
166A.080
“Custodial trustee” defined.
166A.090
“Guardian” defined.
166A.100
“Incapacitated” defined.
166A.110
“Legal representative” defined.
166A.120
“Member of the beneficiary’s family” defined.
166A.130
“Person” defined.
166A.140
“Personal representative” defined.
166A.150
“State” defined.
166A.160
“Transferor” defined.
166A.170
“Trust company” defined.
166A.180
Custodial trust
166A.190
Custodial trustee for future payment or transfer.
166A.200
Form and effect of receipt and acceptance by custodial trustee
166A.210
Transfer to custodial trustee by fiduciary or obligor
166A.220
Multiple beneficiaries
166A.230
General duties of custodial trustee.
166A.240
General powers of custodial trustee.
166A.250
Use of custodial trust property.
166A.260
Determination of incapacity
166A.270
Exemption of third person from liability.
166A.280
Liability to third person.
166A.290
Declination, resignation, incapacity, death or removal of custodial trustee
166A.300
Expenses, compensation and bond of custodial trustee.
166A.310
Reporting and accounting by custodial trustee
166A.320
Limitations of action against custodial trustee.
166A.330
Distribution on termination.
166A.340
Methods and forms for creating custodial trusts.
166A.350
Applicable law.
166A.360
Uniformity of application and construction.
Last Updated

Jun. 24, 2021

§ 166A.230’s source at nv​.us