Nev. Rev. Stat. § 166A.010
Short title
This chapter may be cited as the Nevada Uniform Custodial Trust Act.
Nevada Revised Statutes Chapter 166A — Custodial Trusts (Uniform Act)
Nevada · statute · Nev. Rev. Stat. ch. 166A · 36 active provisions
Nev. Rev. Stat. § 166A.020
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 166A.030 to 166A.170, inclusive, have the meanings ascribed to them in those sections.
Nev. Rev. Stat. § 166A.030
Adult” defined
“Adult” means an individual who is at least 18 years of age.
Nev. Rev. Stat. § 166A.040
Beneficiary” defined
“Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter.
Nev. Rev. Stat. § 166A.050
Conservator” defined
“Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
Nev. Rev. Stat. § 166A.060
Court” defined
“Court” means a district court of this State.
Nev. Rev. Stat. § 166A.070
Custodial trust property” defined
“Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest.
Nev. Rev. Stat. § 166A.080
Custodial trustee” defined
“Custodial trustee” means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated.
Nev. Rev. Stat. § 166A.090
Guardian” defined
“Guardian” means a person appointed or qualified by a court as a guardian of an individual, including, without limitation, a limited guardian, but not a person who is only a guardian ad litem.
Nev. Rev. Stat. § 166A.100
Incapacitated” defined
“Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause.
Nev. Rev. Stat. § 166A.110
Legal representative” defined
“Legal representative” means a personal representative or conservator.
Nev. Rev. Stat. § 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.
Nev. Rev. Stat. § 166A.130
Person” defined
“Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association or any other legal or commercial entity.
Nev. Rev. Stat. § 166A.140
Personal representative” defined
“Personal representative” means an executor, administrator or special administrator of a decedent’s estate, a person legally authorized to perform substantially the same functions or a successor to any of them.
Nev. Rev. Stat. § 166A.150
State” defined
“State” means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico.
Nev. Rev. Stat. § 166A.160
Transferor” defined
“Transferor” means a person who creates a custodial trust by transfer or declaration.
Nev. Rev. Stat. § 166A.170
Trust company” defined
“Trust company” means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
Nev. Rev. Stat. § 166A.180
Custodial trust; general
1. A person may create a custodial trust of property by a written transfer of the property to another person evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as…
Nev. Rev. Stat. § 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 th…
Nev. Rev. Stat. § 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 sta…
Nev. Rev. Stat. § 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…
Nev. Rev. Stat. § 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 e…
Nev. Rev. Stat. § 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…
Nev. Rev. Stat. § 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…
Nev. Rev. Stat. § 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 cus…
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