Nevada Revised Statutes 163.5553 – Powers of trust protector
1. A trust protector may exercise the powers provided to the trust protector in the instrument subject to the terms and provisions in the instrument. The powers exercised by a trust protector are at the sole discretion of the trust protector and are binding on all other persons. The powers granted to a trust protector may include, without limitation, the power to:
Terms Used In Nevada Revised Statutes 163.5553
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
(a) Modify or amend the instrument to achieve a more favorable tax status or to respond to changes in federal or state law.
(b) Modify or amend the instrument to take advantage of changes in the rule against perpetuities, restraints on alienation or other state laws restricting the terms of a trust, the distribution of trust property or the administration of the trust.
(c) Increase or decrease the interests of any beneficiary under the trust.
(d) Modify the terms of any power of appointment granted by the trust. A modification or amendment may not grant a beneficial interest to a person which was not specifically provided for under the trust instrument.
(e) Remove and appoint a trustee, trust adviser, investment committee member or distribution committee member.
(f) Terminate the trust.
(g) Direct or veto trust distributions.
(h) Change the location or governing law of the trust.
(i) Appoint a successor trust protector or trust adviser.
(j) Interpret terms of the instrument at the request of the trustee.
(k) Advise the trustee on matters concerning a beneficiary.
(l) Review and approve a trustee’s reports or accounting.
2. The powers provided pursuant to subsection 1 may be incorporated by reference to this section at the time a testator executes a will or a settlor signs a trust instrument. The powers provided pursuant to subsection 1 may be incorporated in whole or in part.
3. Unless otherwise provided in the trust instrument, the powers of the trust protector shall be considered fiduciary in nature. The trust instrument may define the scope and extent of a fiduciary standard applicable to the exercise of any power of the trust protector, including, without limitation, reducing or relieving the trust protector of a fiduciary duty.