Title 13

NRS 163.450 Definitions. As used in NRS 163.420 to 163.550, inclusive, unless the context otherwise requires, the words and terms defined in NRS 163.460 to 163.500, inclusive, have the meanings ascribed to them in NRS 163.460 to 163.500, inclusive. (Added to NRS by 1971, 632)

NRS 163.460 “Charitable trust” defined. “Charitable trust” means an organization described in Section 4947(a)(1). (Added to NRS by 1971, 633)

NRS 163.470 “Private foundation trust” defined. “Private foundation trust” means a trust as defined in Section 509(a), including a trust described in Section 4947(a)(1). (Added to NRS by 1971, 633)

NRS 163.480 “Split interest trust” defined. “Split interest trust” means a trust for individual and charitable beneficiaries as defined in and subject to the provisions of Section 4947(a)(2). (Added to NRS by 1971, 633)

NRS 163.490 “Trust” defined. “Trust” means an express trust created by a trust instrument, including a last will and testament. (Added to NRS by 1971, 633)

NRS 163.500 “Trustee” defined. “Trustee” means a trustee, trustees, person or persons possessing a power or powers referred to in NRS 163.420 to 163.550, inclusive. (Added to NRS by 1971, 633)

NRS 163.510 Applicability. The provisions of NRS 163.420 to 163.550, inclusive, which are applicable to any of the trusts defined in NRS 163.460 to 163.500, inclusive, apply to all trusts, whether they were created before, on or after April 17, 1971. (Added to NRS by 1971, 633)

NRS 163.520 Prohibited acts. 1. In the administration of any private foundation trust, split interest trust or charitable trust which is subject to the provisions of the Internal Revenue Code of 1986, as in effect on January 1, 1999, the following acts are prohibited: (a) Engagin…

NRS 163.530 Minimum distribution required. In the administration of any trust which is a private foundation trust or a charitable trust, there shall be distributed for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liab…

NRS 163.540 Amendment of trust instrument: Procedure. 1. A court of this state having jurisdiction over any trust to which NRS 163.420 to 163.550, inclusive, apply may amend any trust instrument to conform to the provisions of NRS 163.420 to 163.550, inclusive. 2. Any such amendm…

NRS 163.550 Amendment of trust instrument: Provision for termination of status as private foundation. In addition to amending, revising, deleting or adding provisions to the articles of the trust to conform to the sections set out in subsection 3 of NRS 163.540, the petition may …

NRS 163.5505 Creation; enforcement; requirements. Except as otherwise provided in NRS 163.0075 or another provision of law: 1. A trust may be created for a noncharitable purpose without a definite ascertainable beneficiary or for a noncharitable but otherwise valid purpose. The n…

NRS 163.551 Administration and enforcement; definitions. 1. A public benefit trust must be administered in accordance with the terms of the trust instrument. Except to the extent otherwise provided for in the trust instrument: (a) Any person appointed by the terms of the trust in…

NRS 163.553 Definitions. As used in NRS 163.553 to 163.557, inclusive, unless the context otherwise requires, the words and terms defined in NRS 163.5533 to 163.5547, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2009, 787; A 2015, 3543; 2021, …

NRS 163.5533 “Custodial account” defined. “Custodial account” means an account: 1. Established by a person with a bank, as defined in 26 U.S.C. § 408(n), or with a person approved by the Internal Revenue Service as satisfying the requirements to be a nonbank trustee or nonbank pa…

NRS 163.5535 “Custodial account owner” defined. “Custodial account owner” means any person who: 1. Establishes a custodial account; 2. Has the power to designate the beneficiaries or appoint the custodian of the custodial account; 3. Has the power to direct the investment, dispos…

NRS 163.5536 “Directing trust adviser” defined. “Directing trust adviser” means a trust adviser, trust protector or other person designated in the trust instrument who has the authority to give directives that must be followed by the fiduciary. The term does not include a trust a…

NRS 163.5537 “Distribution trust adviser” defined. “Distribution trust adviser” means a fiduciary given authority by an instrument to exercise any or all powers and discretion set forth in NRS 163.5557. (Added to NRS by 2009, 788)

NRS 163.554 “Fiduciary” defined. “Fiduciary” means a trustee or custodian under any instrument, or an executor, administrator or personal representative of a decedent’s estate or any other person, including an investment trust adviser, trust protector or a trust committee which i…

NRS 163.5541 “Instrument” defined. “Instrument” means any revocable or irrevocable trust instrument created inter vivos or testamentary or any custodial account agreement. (Added to NRS by 2009, 788)

NRS 163.5543 “Investment trust adviser” defined. “Investment trust adviser” means a fiduciary given authority by the instrument to exercise any or all of the powers and discretion set forth in NRS 163.5557. (Added to NRS by 2009, 788)

NRS 163.5545 “Trust adviser” defined. “Trust adviser” means a distribution trust adviser or investment trust adviser. (Added to NRS by 2009, 788)

NRS 163.5547 “Trust protector” defined. “Trust protector” means any person whose appointment is provided for in the instrument. (Added to NRS by 2009, 788)

NRS 163.5548 Circumstances under which fiduciary is “directed fiduciary.” For the purposes of NRS 163.553 to 163.557, inclusive, a fiduciary is a “directed fiduciary” with respect to any action that the fiduciary: 1. Has no power to take under the terms of the governing instrumen…

NRS 163.5549 Limitations on liability of directed fiduciary. 1. A directed fiduciary is not liable, individually or as a fiduciary for any loss which results from: (a) Complying with a direction of a directing trust adviser, whether the direction is to act or to not act; or (b) F…

NRS 163.555 Action authorized upon incapacity or death of settlor. If the instrument provides, a directed fiduciary may continue to follow the direction of a directing trust adviser upon the incapacity or death of the settlor of the trust. (Added to NRS by 2009, 788; A 2015, 3544…

NRS 163.5551 Circumstances in which trust advisers are considered fiduciaries. If one or more trust advisers are given authority, by the terms of an instrument, to direct, consent to or disapprove a fiduciary’s investment decisions, the investment trust advisers shall be consider…

NRS 163.5553 Powers of trust protector. 1. A trust protector may exercise the powers provided to the trust protector in the instrument subject to the terms and provisions in the instrument. The powers exercised by a trust protector are at the sole discretion of the trust protecto…

NRS 163.5555 Trust protector and trust adviser: Submission to jurisdiction of courts of this State. If a person accepts an appointment to serve as a trust protector or a trust adviser of a trust subject to the laws of this State, the person submits to the jurisdiction of the cour…

NRS 163.5557 Powers of investment trust adviser and distribution trust adviser. 1. An instrument may provide for the appointment of a person to act as an investment trust adviser or a distribution trust adviser with regard to investment decisions or discretionary distributions. 2…

NRS 163.5559 Claims of creditors against settlor. 1. Except as otherwise provided in subsection 2, a creditor of a settlor may not seek to satisfy a claim against the settlor from the assets of a trust because of the existence of: (a) A discretionary power granted to a person oth…

NRS 163.556 Circumstances under which trustee is authorized to appoint property of one testamentary trust or irrevocable trust to another trust. 1. Except as otherwise provided in this section, unless the terms of a testamentary instrument or irrevocable trust provide otherwise, …

NRS 163.557 Reimbursement of settlor for tax on trust income or principal. 1. A governing trust instrument may authorize the trustee, in the sole discretion of the trustee or at the direction or with the consent of a directing trust adviser, to reimburse a settlor for all or a po…

NRS 163.558 Authority of settlor to specify conditions. Except to the extent that it violates public policy, a settlor may: 1. Make a devise conditional upon a beneficiary’s action or failure to take action or upon the occurrence or nonoccurrence of one or more specified events; …

NRS 163.560 Irrevocable trust not to be construed as revocable. 1. If the settlor of any trust specifically declares in the instrument creating the trust that such trust is irrevocable it shall be irrevocable for all purposes, even though the settlor is also the beneficiary of su…

NRS 163.565 Effect of divorce or annulment of marriage of settlor on revocable inter vivos trust. Divorce or annulment of the marriage of a settlor revokes every devise, beneficial interest or designation to serve as trustee given by the settlor to the former spouse of the settlo…

NRS 163.567 Effect of divorce, annulment of marriage or termination of domestic partnership of descendant of settlor on former spouse or domestic partner of descendant. Unless otherwise ordered or provided for in a property or separation agreement approved by the court in a proce…

NRS 163.570 Powers of trustee concerning gifts made by surviving spouse of decedent. A trustee may: 1. Join with a decedent’s surviving spouse or the personal representative of the decedent’s estate in the execution and filing of a joint income tax return for any period before th…

NRS 163.580 Duty of third person to ensure proper application of trust property. A third person who acts in good faith is not bound to ensure the proper application of trust property paid or delivered to a trustee. (Added to NRS by 1999, 2366)

NRS 163.590 Disposition of trust property by reference to statement or list; requirements for admissibility of statement or list as evidence of intended disposition; uses of statement or list. 1. Whether or not the provisions relating to electronic trusts apply, a trust may refer…

NRS 163.600 Appointment of successor trustee under certain circumstances. 1. If a trust has no serving trustee because of the death, incapacity or resignation of the last serving trustee of the trust, and if the provisions of the trust instrument do not include any provisions whi…

NRS 163.605 Incapacity of trustee: Removal; determination of incapacity; certification; restoration; burden of proof. 1. A person determined pursuant to this section to lack capacity or to be incapacitated shall be deemed to no longer have the authority to serve as a trustee, and…

NRS 163.610 Trustee authorized to include certain capital gains in distributable net income in certain circumstances. Unless otherwise provided by the trust instrument, a trustee may include capital gains from the sale or exchange of capital assets in distributable net income to …

NRS 163.620 Admissibility of video recording or electronic record. Subject to the provisions of any applicable court rules, a video recording or other electronic record may be admissible as evidence of: 1. The proper execution of a trust. 2. The intentions of a settlor. 3. The me…