Nevada Revised Statutes 159A.089 – Possession of and title to property of protected minor; guardian to secure certain documents
1. A guardian of the estate shall take possession of:
Terms Used In Nevada Revised Statutes 159A.089
- 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
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
(a) All of the property of substantial value of the protected minor;
(b) Rents, income, issues and profits from the property, whether accruing before or after the appointment of the guardian; and
(c) The proceeds from the sale, mortgage, lease or other disposition of the property.
2. The guardian may allow the protected minor to have possession and control of the personal property and funds as are appropriate to the needs and capacities of the protected minor.
3. The title to all property of the protected minor is in the protected minor and not in the guardian.
4. A guardian shall secure originals, when available, or copies of any:
(a) Contract executed by the protected minor;
(b) Revocable or irrevocable trust in which the protected minor has a vested interest as a beneficiary; and
(c) Writing evidencing a present or future vested interest in any real or intangible property.