Nevada Revised Statutes 111.755 – Agreement between owner and transferring entity; authorized content of contract concerning such agreement; effective date of designation of beneficiary when transferring entity’s acceptance required
1. Provision for a nonprobate transfer is a matter of agreement between the owner and the transferring entity, under such rules, terms and conditions as the owner and transferring entity may agree. Before a nonprobate transfer is effective, the contract may require:
Terms Used In Nevada Revised Statutes 111.755
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) Submission to the transferring entity of a beneficiary designation under a governing instrument;
(b) Registration by a transferring entity of a transfer-on-death direction on any certificate or record evidencing ownership of property;
(c) The consent of a contract obligor for a transfer of performance due under the contract;
(d) The consent of a financial institution for a transfer of an obligation of the financial institution;
(e) The consent of a transferring entity for a transfer of an interest in the transferring entity; or
(f) Compliance with any other express condition.
2. Whenever a contract provision relating to a nonprobate transfer requires any of the conditions set forth in subsection 1, nothing in NRS 111.751 to 111.779, inclusive, imposes an obligation on a transferring entity to accept an owner’s request to make provision for a nonprobate transfer of property unless the conditions have been met.
3. When a beneficiary designation, revocation or change is subject to acceptance by a transferring entity, the transferring entity’s acceptance of the beneficiary designation, revocation or change relates back to and is effective as of the time when the request was received by the transferring entity.