NRS 164.799 – Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust.
A trustee or a beneficiary of a unitrust may petition the court to: 1. Select an income distribution percentage different from 3 to 5 percent. 2. Provide for a distribution of net income as would be determined if the trust were not a unitrust, in excess of the unitrust distribution if such distribution is necessary […]
NRS 164.800 – Applicable rules after death of decedent or end of income interest in trust.
After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: 1. A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under […]
NRS 164.805 – Distribution of net income to beneficiaries; rules for determining share of net income.
1. Each beneficiary described in subsection 4 of NRS 164.800 is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the date of distribution. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, […]
NRS 164.810 – Date on which income interest begins; date on which asset becomes subject to trust or successive income interest; date on which income interest ends.
1. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. 2. An asset […]
NRS 164.815 – Allocation of certain income receipts and disbursements; due dates for certain payments and distributions.
1. A trustee shall allocate an income receipt or disbursement other than one to which subsection 1 of NRS 164.800 applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. 2. […]
NRS 164.820 – Payment of undistributed income upon end of mandatory income interest; prorating final payment upon end of obligation to pay fixed annuity or fixed fraction of value of trust’s assets.
1. As used in this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms […]
NRS 164.785 – Definitions.
As used in NRS 164.780 to 164.925, inclusive: 1. “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. 2. “Beneficiary” includes, in […]
NRS 164.790 – Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule.
In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of NRS 164.800 to 164.820, inclusive, a fiduciary shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and NRS 164.780 to 164.925, inclusive, do not […]
NRS 164.745 – Satisfaction of prudent investor standard; evaluation of decisions; consideration of circumstances; verification of facts; types of investments; special skills or expertise of trustee.
1. A trustee shall invest and manage trust property as a prudent investor would, considering the terms, purposes, requirements for distribution, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. 2. A trustee’s decisions concerning investment and management as applied to individual assets must be […]
NRS 164.750 – Diversification of investments.
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. (Added to NRS by 2003, 1968)