Nevada Revised Statutes 166.015 – Applicability of chapter; requirement of trustee if settlor is beneficiary of trust
1. Unless the writing declares to the contrary, expressly, this chapter governs the construction, operation and enforcement, in this State, of all spendthrift trusts created in or outside this State if:
Terms Used In Nevada Revised Statutes 166.015
- 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
- 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
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(a) All or part of the land, rents, issues or profits affected are in this State;
(b) All or part of the personal property, interest of money, dividends upon stock and other produce thereof, affected, are in this State;
(c) The declared domicile of the creator of a spendthrift trust affecting personal property is in this State; or
(d) At least one trustee qualified under subsection 2 has powers that include maintaining records and preparing income tax returns for the trust, and all or part of the administration of the trust is performed in this State.
2. If the settlor is a beneficiary of the trust, at least one trustee of a spendthrift trust must be:
(a) A natural person who resides and has his or her domicile in this State;
(b) A trust company that:
(1) Is organized under federal law or under the laws of this State or another state; and
(2) Maintains an office in this State for the transaction of business; or
(c) A bank that:
(1) Is organized under federal law or under the laws of this State or another state;
(2) Maintains an office in this State for the transaction of business; and
(3) Possesses and exercises trust powers.
3. As used in this section, ‘trust company’ does not include a foreign independent trust company authorized to engage only in the solicitation of trust company business in this State pursuant to NRS 669.205.