Nevada Revised Statutes 153.020 – Retention of jurisdiction by court after final distribution
1. If a life estate or estate for years is created by or under any will to continue after distribution of the estate, the court does not lose jurisdiction of the estate, life estate or estate for years by final distribution of the estate, but retains jurisdiction of it until the distribution of the residue of the life estate or estate for years to those entitled to it is complete. Proof of distribution of the residue may be made upon petition of any person entitled to share in the distribution of the life estate or estate for years, which terminates the jurisdiction of the court upon decree of the court. The court does not retain jurisdiction over a testamentary trust created by or under a will after distribution of that portion of the estate to such a testamentary trust.
Terms Used In Nevada Revised Statutes 153.020
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
2. Notwithstanding the provisions of subsection 1, before the entry of an order granting final distribution of the estate, the court may consider a petition filed by the trustee or any beneficiary of the testamentary trust requesting the court to retain jurisdiction of the testamentary trust and, upon good cause shown, the court may order such continued jurisdiction. Such a petition must be filed with the clerk of the court before the hearing on the petition for final distribution of the estate and must be served on all interested persons in accordance with NRS 155.010.
3. This section must not be construed to limit the ability of an interested person to subsequently seek submission of a testamentary trust to the jurisdiction of the court pursuant to NRS 164.010.