Nevada Revised Statutes 164.043 – Expenses and compensation of trustees
1. The expenses and compensation of a trustee of a nontestamentary trust must initially be governed by the terms of the nontestamentary trust. Thereafter, subject to any contrary terms of the nontestamentary trust, the court shall allow the trustee his or her proper expenses and such compensation for services as are just and reasonable.
Terms Used In Nevada Revised Statutes 164.043
- 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.
- 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. Where there are several trustees, compensation must be apportioned among the trustees according to the respective services rendered, and such compensation may be:
(a) A fixed yearly compensation for each trustee;
(b) A set amount for the term of service;
(c) An hourly rate for services rendered; or
(d) Pursuant to a standard schedule of fees.
3. The provisions of this section must not be interpreted to abridge the authority of a court having jurisdiction over a testamentary trust pursuant to NRS 153.020 or 164.010 to review and settle the expenses and compensation of the trustee of a testamentary trust upon the petition of any interested person.
4. As used in this section, ‘nontestamentary trust’ has the meaning ascribed to it in NRS 163.0016.