Delay of time for certain transfers; requirements

1. Subject to the limitations of this section, the time for transfer to the minor of custodial property transferred under NRS 167.023, 167.025 or 167.033 may be delayed until a specified time after the time the minor attains 18 years of age. The time must be specified in the transfer made under NRS 167.030. 2. To specify a delayed time for transfer, the words: “as custodian for ......................... (name of minor) until he or she attains the age of ........ (age at which transfer is to occur) years under Nevada’s Uniform Act on Transfers to Minors” must be substituted in substance for the words: “as custodian for ......................... (name of minor) under Nevada’s Uniform Act on Transfers to Minors” in making the transfer under NRS 167.030. 3. The time for transfer to the minor of custodial property transferred under NRS 167.025 or 167.033 may be delayed under this section only if the governing will, trust or nomination provides in substance that the custodianship is to continue until the time the minor attains a specified age, which time may not be later than the time the minor attains 25 years of age, and in such a case the will, trust or nomination determines the time to be specified in making the transfer under NRS 167.030. 4. The time for transfer to the minor of custodial property transferred under NRS 167.023 may be delayed only if the transfer under NRS 167.030 provides in substance that the custodianship is to continue until the time the minor attains a specified age, which time may not be later than the time the minor: (a) Attains 21 years of age, in the case of a transfer by irrevocable gift under NRS 167.023; or (b) Attains 25 years of age, in the case of a transfer by irrevocable exercise of a power of appointment under NRS 167.023. 5. If a transfer under NRS 167.030 provides in substance that the duration of the custodianship is for a time longer than the maximum time permitted by this section, the custodianship shall be deemed to continue only until the time the minor attains the maximum age permitted by this section for the duration of a custodianship created by that type of transfer. 6. The provisions of this section do not apply to any transfer made under NRS 167.027 or 167.029.