Nevada Revised Statutes 163.007 – Validity of trust providing for one or more successor beneficiaries
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If a trust provides for one or more successor beneficiaries after the death of the settlor, the trust is not invalidated, merged or terminated because:
Terms Used In Nevada Revised Statutes 163.007
- 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. There is one settlor who is the sole trustee and the sole beneficiary during the lifetime of the settlor; or
2. There are two or more settlors, one or more of whom are trustees, and the beneficial interest in the trust is in one or more of the settlors during the lifetime of the settlors.