Nevada Revised Statutes 164.799 – Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust
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A trustee or a beneficiary of a unitrust may petition the court to:
Terms Used In Nevada Revised Statutes 164.799
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Trustee: A person or institution holding and administering property in trust.
1. Select an income distribution percentage different from 3 to 5 percent.
2. Provide for a distribution of net income as would be determined if the trust were not a unitrust, in excess of the unitrust distribution if such distribution is necessary to preserve a tax benefit.
3. Average the value of the trust assets over a period other than 3 years.
4. Reconvert a unitrust to a trust.