Nevada Revised Statutes 163.558 – Authority of settlor to specify conditions
Current as of: 2023 | Check for updates
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Except to the extent that it violates public policy, a settlor may:
Terms Used In Nevada Revised Statutes 163.558
- 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
- Devise: To gift property by will.
- 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. Make a devise conditional upon a beneficiary‘s action or failure to take action or upon the occurrence or nonoccurrence of one or more specified events; and
2. Specify the conditions or actions which would disqualify a person from serving or which would constitute cause for removal of a person who is serving in any capacity under the trust, including, without limitation, as a trustee, trust protector or trust adviser.