Nevada Revised Statutes 163.4177 – Factors which must not be considered exercising improper dominion or control over trust
If a party asserts that a beneficiary or settlor is exercising improper dominion or control over a trust, the following factors, alone or in combination, must not be considered exercising improper dominion or control over a trust:
Terms Used In Nevada Revised Statutes 163.4177
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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.
1. A beneficiary is serving as a trustee.
2. The settlor or beneficiary holds unrestricted power to remove or replace a trustee.
3. The settlor or beneficiary is a trust administrator, general partner of a partnership, manager of a limited-liability company, officer of a corporation or any other manager of any other type of entity and all or part of the trust property consists of an interest in the entity.
4. The trustee is a person related by blood, adoption or marriage to the settlor or beneficiary.
5. The trustee is the settlor or beneficiary’s agent, accountant, attorney, financial adviser or friend.
6. The trustee is a business associate of the settlor or beneficiary.