Nev. Rev. Stat. § 166.010
Short title
This chapter may be referred to by the short title of Spendthrift Trust Act of Nevada, and such reference will be sufficient for all purposes.
Nevada Revised Statutes Chapter 166 — Spendthrift Trusts
Nevada · statute · Nev. Rev. Stat. ch. 166 · 21 active provisions
Nev. Rev. Stat. § 166.015
Applicability of chapter; requirement of trustee if settlor is beneficiary of trust
1. Unless the writing declares to the contrary, expressly, this chapter governs the construction, operation and enforcement, in this State, of all spendthrift trusts created in or outside this State if: (a) All or part of the land, rents, issues or profits affected are in this State; (b) All or part of the personal pro…
Nev. Rev. Stat. § 166.016
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 166.018 and 166.020 have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 166.018
“Settlor” defined
“Settlor” means: 1. The person who creates a spendthrift trust however described in the trust instrument; or 2. Any person who contributes assets to the spendthrift trust as to the assets he or she contributed to the spendthrift trust except to the extent of consideration received therefor by that person.
Nev. Rev. Stat. § 166.020
“Spendthrift trust” defined
“Spendthrift trust” means a trust in which by the terms thereof a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary is imposed. It is an active trust not governed or executed by any use or rule of law of uses.
Nev. Rev. Stat. § 166.025
Terms: “Writing” or “written.”
As used in this chapter, unless the context otherwise requires, when the term “writing” or “written” is used in reference to a will, trust or instrument, the term includes an electronic will as defined in NRS 132.119 and an electronic trust as defined in NRS 163.0015.
Nev. Rev. Stat. § 166.040
Competency of settlor; writing required; circumstances when writing meets requirements for trust to be created for benefit of settlor; settlor’s ability to hold other powers
1. Any person competent by law to execute a will or deed may, by writing only, duly executed, by will, conveyance or other writing, create a spendthrift trust in real, personal or mixed property for the benefit of: (a) A person other than the settlor; (b) The settlor if the writing is irrevocable, does not require that…
Nev. Rev. Stat. § 166.045
Powers of settlor
The settlor of a spendthrift trust has only those powers and rights that are conferred to the settlor by the trust instrument. An agreement or understanding, express or implied, between the settlor and the trustee that attempts to grant or permit the retention of greater rights or authority than is stated in the trust…
Nev. Rev. Stat. § 166.050
No specific language necessary for creation of trust
No specific language is necessary for the creation of a spendthrift trust. It is sufficient if by the terms of the writing (construed in the light of this chapter if necessary) the creator manifests an intention to create such a trust.
Nev. Rev. Stat. § 166.070
Principles enumerated in NRS 166.080 to 166.150, inclusive
Unless the writing shall declare to the contrary, expressly, the construction, operation and enforcement of all spendthrift trusts, heretofore or hereafter created in this state, shall be governed by the principles stated in NRS 166.080 to 166.150, inclusive, to the same effect as if they were written therein.
Nev. Rev. Stat. § 166.080
Beneficiaries to be named
The beneficiary or beneficiaries of such trust shall be named or clearly referred to in the writing. No spouse, former spouse, child or dependent shall be a beneficiary unless named or clearly referred to as a beneficiary in the writing.
Nev. Rev. Stat. § 166.090
Provision for support
1. Provision for the beneficiary will be for the support, education, maintenance and benefit of the beneficiary alone, and without reference to or limitation by the beneficiary’s needs, station in life, or mode of life, or the needs of any other person, whether dependent upon the beneficiary or not. 2. The existence of…
Nev. Rev. Stat. § 166.100
Income
Provision for the beneficiary will extend to all of the income from the trust estate, devoted for that purpose by the creator of the trust, without exception or deduction, other than for: 1. Costs or fees regularly earned, paid or incurred by the trustee for administration of or protection of the trust estate; 2. Taxes…
Nev. Rev. Stat. § 166.110
Discretion of trustee
1. In all cases where the creator of a spendthrift trust shall indicate the sum to be applied for or paid to the beneficiary or shall make the application or payment of sums or further sums for or to the beneficiary discretionary with the trustee, or shall make the amount thereof discretionary with the trustee, or shal…
Nev. Rev. Stat. § 166.120
Restraints on alienation; exclusive jurisdiction of court
1. A spendthrift trust as defined in this chapter restrains and prohibits generally the assignment, alienation, acceleration and anticipation of any interest of the beneficiary under the trust by the voluntary or involuntary act of the beneficiary, or by operation of law or any process or at all. The trust estate, or c…
Nev. Rev. Stat. § 166.130
Legal estate of beneficiary in corpus
A beneficiary of a spendthrift trust has no legal estate in the capital, principal or corpus of the trust estate unless under the terms of the trust the beneficiary or one deriving title from him or her is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life, an…
Nev. Rev. Stat. § 166.140
Perpetuities
A spendthrift trust may not continue for a period longer than that allowed under NRS 111.103 to 111.1039, inclusive. The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in thi…
Nev. Rev. Stat. § 166.150
Accumulation of income
An accumulation of the income of trust property may be directed in the will or other writing creating a spendthrift trust, for the benefit of one or more beneficiaries, to commence within the time permitted for the vesting of future interests and not to extend beyond the period limiting the time within which the absolu…
Nev. Rev. Stat. § 166.160
Settlor may make different provisions
The principles stated in NRS 166.080 to 166.150, inclusive, shall not prevent the creator of any spendthrift trust, by will or other writing, from making other or different provisions provided he or she uses express, specific language to that end.
Nev. Rev. Stat. § 166.170
Limitation of actions with respect to transfer of property to trust; certain transfers of property disregarded; limitation of actions against advisers to settlors or trustees and against trustees; transfers to trust
1. A person may not bring an action with respect to a transfer of property to a spendthrift trust: (a) If the person is a creditor when the transfer is made, unless the action is commenced within: (1) Two years after the transfer is made; or (2) Six months after the person discovers or reasonably should have discovered…
Nev. Rev. Stat. § 166.180
Trust administered under laws of another state or foreign jurisdiction
1. A trust administered under the laws of another state, or under the laws of a foreign jurisdiction, is a spendthrift trust pursuant to this chapter if: (a) The trustee of the trust complies with any requirements set forth in the trust instrument and any requirements of the laws of the state or jurisdiction from which…