Nevada Revised Statutes 164.700 – Definitions
Current as of: 2023 | Check for updates
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As used in NRS 164.700 to 164.925, inclusive:
Terms Used In Nevada Revised Statutes 164.700
- 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
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Trustee: A person or institution holding and administering property in trust.
1. ’Fiduciary’ means a trustee or, to the extent that NRS 164.780 to 164.925, inclusive, apply to an estate, a personal representative.
2. ’Terms of a trust’ means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
3. ’Unitrust’ means a trust in which a certain percentage of annually assessed fair market value of trust property is paid to a trust beneficiary.