NRS 166A.190 – Custodial trustee for future payment or transfer.
1. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for _______________ (name of beneficiary) under the Nevada Uniform Custodial Trust […]
NRS 166A.200 – Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
1. Obligations of a custodial trustee, including, without limitation, the obligation to follow the directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. 2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance: CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE I, […]
NRS 166A.210 – Transfer to custodial trustee by fiduciary or obligor; facility of payment.
1. Unless otherwise directed by an instrument designating a custodial trustee pursuant to NRS 166A.190, a person, including, without limitation, a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family […]
NRS 166A.220 – Multiple beneficiaries; separate custodial trusts; survivorship.
1. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of a married couple, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating […]
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 […]
NRS 166A.240 – General powers of custodial trustee.
1. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. 2. This section does not relieve a custodial trustee from liability […]
NRS 166A.250 – Use of custodial trust property.
1. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. 2. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the […]
NRS 166A.260 – Determination of incapacity; effect.
1. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (a) The custodial trust was created under NRS 166A.210; (b) The transferor has so directed in the instrument creating the custodial trust; or (c) The custodial trustee has determined that the beneficiary is incapacitated. 2. A custodial trustee may determine […]
NRS 166A.110 – Legal representative” defined.
“Legal representative” means a personal representative or conservator. (Added to NRS by 2007, 285)
NRS 166A.120 – Member of the beneficiary’s family” defined.
“Member of the beneficiary’s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption. (Added to NRS by 2007, 285)