Nevada Revised Statutes 164.785 – Definitions
As used in NRS 164.780 to 164.925, inclusive:
Terms Used In Nevada Revised Statutes 164.785
- 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.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Legatee: A beneficiary of a decedent
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
1. ’Accounting period’ means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.
2. ’Beneficiary’ includes, in the case of a decedent‘s estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.
3. ’Fiduciary’ includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.
4. ’Income’ means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in NRS 164.825 to 164.895, inclusive.
5. ’Income beneficiary’ means a person to whom net income of a trust is or may be payable.
6. ’Income interest’ means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee‘s discretion.
7. ’Mandatory income interest’ means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
8. ’Net income’ means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under NRS 164.780 to 164.925, inclusive, to or from income during the period.
9. ’Principal’ means property held in trust for distribution to a remainder beneficiary when the trust terminates.
10. ’Remainder beneficiary’ means a person entitled to receive principal when an income interest ends.