Title 13

NRS 163.295 Continuation of farming operation. A fiduciary may continue any farming operation received by the fiduciary pursuant to the will, trust or other instrument and do any and all things deemed advisable by the fiduciary in the management and maintenance of such farm and t…

NRS 163.300 Management of real property. In the management of real property a fiduciary may: 1. Improve, manage, protect and subdivide any real property; 2. Dedicate or withdraw from dedication parks, streets, highways or alleys; 3. Terminate any subdivision or part thereof; 4. B…

NRS 163.305 Payment of taxes and expenses. A fiduciary may pay taxes, assessments, compensation of the fiduciary, and other expenses incurred in the collection, care, administration and protection of the trust or estate. (Added to NRS by 1969, 452)

NRS 163.310 Receipt of additional property. A fiduciary may receive additional property from any source and administer such additional property as a portion of the appropriate trust or estate under the management of the fiduciary, but may not be required to receive such property …

NRS 163.315 Dealing with other fiduciaries. In dealing with one or more fiduciaries, a fiduciary may: 1. Sell property, real or personal, to, or exchange property with, the trustee of any trust which the decedent or the settlor or the settlor’s spouse or any child of the settlor …

NRS 163.320 Borrowing money; renewing existing loans. A fiduciary may: 1. Borrow money for such periods of time and upon such terms and conditions as to rates, maturities, renewals and security as the fiduciary deems advisable, including the power of a corporate fiduciary to borr…

NRS 163.325 Advancing money. A fiduciary may advance money for the protection of the trust or estate, and for all expenses, losses and liabilities sustained in the administration of the trust or estate or because of the holding or ownership of any trust or estate assets, for whic…

NRS 163.330 Voting shares. A fiduciary may vote shares of stock owned by the estate or any trust at stockholders’ meetings in person or by special, limited or general proxy, with or without power of substitution. (Added to NRS by 1969, 452; A 1975, 446)

NRS 163.335 Registration in name of nominee. A fiduciary may hold a security in the name of a nominee or in other form without disclosure of the fiduciary relationship so that title to the security may pass by delivery, but the fiduciary shall be liable for any act of the nominee…

NRS 163.340 Exercise of options, rights and privileges. A fiduciary may: 1. Exercise all options, rights and privileges to convert stocks, bonds, debentures, notes, mortgages or other property into other stocks, bonds, debentures, notes, mortgages or other property; 2. Subscribe …

NRS 163.345 Participation in reorganization. A fiduciary may: 1. Unite with other owners of property similar to any which may be held at any time in the decedent’s estate or in any trusts in carrying out any plan for the consolidation or merger, dissolution or liquidation, forecl…

NRS 163.350 Reduction of interest rate. A fiduciary may reduce the interest rate from time to time on any obligation, whether secured or unsecured, constituting a part of an estate or trust. (Added to NRS by 1969, 453)

NRS 163.355 Continuation of obligation. A fiduciary may continue any obligation, whether secured or unsecured, upon and after maturity with or without renewal or extension upon such terms as the fiduciary deems advisable, without regard to the value of the security, if any, at th…

NRS 163.360 Foreclosure; bidding in property. A fiduciary may: 1. Foreclose, as an incident to the collection of any bond, note or other obligation, any mortgage, deed of trust or other lien securing such bond, note or other obligation; 2. Bid in the property at such foreclosure …

NRS 163.365 Insurance. A fiduciary may carry such insurance coverage, including public liability, for such hazards and in such amounts, either in stock companies or in mutual companies, as the fiduciary deems advisable. (Added to NRS by 1969, 453)

NRS 163.370 Collections. A fiduciary may collect, receive and receipt for rents, issues, profits and income of an estate or trust. (Added to NRS by 1969, 453)

NRS 163.375 Litigation, compromise or abandonment of claim. A fiduciary may compromise, adjust, arbitrate, sue on or defend, abandon or otherwise deal with and settle claims in favor of or against the estate or trust as the fiduciary deems advisable, and the fiduciary’s decision …

NRS 163.380 Employment and compensation of persons. A fiduciary may employ and compensate, out of income or principal or both and in such proportion as the fiduciary deems advisable, persons deemed by the fiduciary needful to advise or assist in the proper settlement of the estat…

NRS 163.385 Acquisition and holding of property of two or more trusts undivided. 1. A fiduciary may: (a) Acquire, receive, hold and retain the principal of several trusts created by a single instrument undivided until division becomes necessary in order to make distributions. (b)…

NRS 163.390 Establishment and maintenance of reserves. 1. A fiduciary may: (a) Set up proper and reasonable reserves for taxes, assessments, insurance premiums, depreciation, obsolescence, amortization, depletion of mineral or timber properties, repairs, improvements and general …

NRS 163.395 Distribution in cash or kind. 1. A fiduciary may: (a) Make distribution of capital assets of the estate or trust in kind or in cash, or partially in kind and partially in cash, in divided or undivided interests, as the fiduciary finds to be most practicable and for th…

NRS 163.400 Payment to or for minor or incapacitated person. A fiduciary may: 1. Make payments in money, or in property in lieu of money, to or for a minor or incapacitated person in any one or more of the following ways: (a) Directly to the minor or incapacitated person. (b) To …

NRS 163.405 Apportionment or allocation of receipts and expenses. A fiduciary may determine: 1. What is principal and what is income of any estate or trust and may allocate or apportion receipts and expenses as between principal and income in the exercise of the fiduciary’s discr…

NRS 163.410 Execution of contract or other instrument. A fiduciary may make contracts and execute instruments, under seal or otherwise, as may be necessary in the exercise of the powers herein granted. (Added to NRS by 1969, 455) CONTROL OF TRUSTS

NRS 163.414 Definitions. As used in NRS 163.414 to 163.419, inclusive, unless the context otherwise requires, the words and terms defined in NRS 163.4145 to 163.4165, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2009, 785)

NRS 163.4145 “Beneficial interest” defined. “Beneficial interest” means a distribution interest or a remainder interest, but does not include a power of appointment or a power reserved by the settlor. (Added to NRS by 2009, 785)

NRS 163.4147 “Beneficiary” defined. “Beneficiary” means a person that has a present or future beneficial interest in a trust, vested or contingent, but does not include the holder of a power of appointment. (Added to NRS by 2009, 785)

NRS 163.415 “Distribution beneficiary” defined. “Distribution beneficiary” means a beneficiary who is eligible or permitted to receive trust income or principal. (Added to NRS by 2009, 785)

NRS 163.4155 “Distribution interest” defined. “Distribution interest” means a present or future interest in trust income or principal, which may be a mandatory, support or discretionary interest, held by a distribution beneficiary. (Added to NRS by 2009, 785)

NRS 163.4157 “Power of appointment” defined. “Power of appointment” means an inter vivos or testamentary power to direct the disposition of trust property, other than a distribution decision by a trustee to a beneficiary. (Added to NRS by 2009, 785; A 2015, 3543)

NRS 163.416 “Remainder interest” defined. “Remainder interest” means an interest where a trust beneficiary will receive the property from a trust outright at some time in the future. (Added to NRS by 2009, 785)

NRS 163.4165 “Reserved power” defined. “Reserved power” means a power concerning a trust held by the settlor. (Added to NRS by 2009, 785)

NRS 163.4167 Common law. The provisions of NRS 163.414 to 163.419, inclusive, do not abrogate or limit any principle or rule of the common law, unless the common law principle or rule is inconsistent with the provisions of NRS 163.414 to 163.419, inclusive. (Added to NRS by 2009,…

NRS 163.417 Limitations on actions of creditors and courts: Trust property not subject to trustee’s personal obligations; beneficial interests may not be transferred under certain circumstances. 1. A creditor may not exercise, and a court may not order the exercise of: (a) A powe…

NRS 163.4175 Trustee not required to consider certain factors with regard to distribution of trust assets. Except as otherwise provided in the trust instrument, the trustee is not required to consider a beneficiary’s assets or resources in determining whether to make a distributi…

NRS 163.4177 Factors which must not be considered exercising improper dominion or control over trust. If a party asserts that a beneficiary or settlor is exercising improper dominion or control over a trust, the following factors, alone or in combination, must not be considered e…

NRS 163.418 Clear and convincing evidence required to find settlor to be alter ego of trustee of irrevocable trust; certain factors insufficient for finding that settlor controls or is alter ego of trustee of irrevocable trust. Absent clear and convincing evidence, a settlor of a…

NRS 163.4185 Classifications of distribution interests. 1. A distribution interest may be classified as: (a) A mandatory interest if the trustee has no discretion to determine whether a distribution should be made, when a distribution should be made or the amount of the distribut…

NRS 163.4187 Support interest: Beneficiary has enforceable right to distribution; court review. 1. A beneficiary of a support interest has an enforceable right to distribution thereof and may petition a court for review of the distribution. 2. A court may review a trustee’s decis…

NRS 163.419 Discretionary interest: Beneficiary does not have enforceable right to distribution; court review; trustee’s powers and duties. Except as otherwise provided in the trust instrument, with respect to a discretionary interest as described in NRS 163.4185: 1. A beneficiar…

NRS 163.420 Short title. NRS 163.420 to 163.550, inclusive, shall be known as the Charitable Trust Act of 1971. (Added to NRS by 1971, 632)

NRS 163.430 Declaration of policy. The legislature hereby declares that the policy of the State is to maximize the funds available for charitable purposes by minimizing, to the greatest extent practicable, the imposition of federal income and excise taxes upon trust assets otherw…

NRS 163.440 References to Internal Revenue Code. As used in NRS 163.420 to 163.550, inclusive, unless otherwise indicated, section references are to the Internal Revenue Code of 1986, as in effect on January 1, 1999, and include future amendments to such sections and correspondin…

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)