Nevada Revised Statutes 163.006 – Creation: Beneficiary
A trust is created only if there is a beneficiary. This requirement is satisfied if the trust instrument provides for:
Terms Used In Nevada Revised Statutes 163.006
- 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
- Trustee: A person or institution holding and administering property in trust.
1. A beneficiary or class of beneficiaries that is ascertainable with reasonable certainty or that is sufficiently described so that it can be determined whether a person meets the description or is within the class;
2. A grant of power to the trustee or some other person to select the beneficiary based on a standard or in the discretion of the trustee or other person;
3. A charitable trust as defined in NRS 163.460;
4. A trust for the care of one or more animals created pursuant to NRS 163.0075;
5. A public benefit trust as defined in NRS 163.551; or
6. A noncharitable trust without an ascertainable beneficiary pursuant to NRS 163.5505.