Nevada Revised Statutes 164.797 – Administration of unitrust: Duties of trustee; valuation of assets of trust
After a trust is converted into a unitrust:
Terms Used In Nevada Revised Statutes 164.797
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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. A trustee shall follow an investment policy seeking a total return for the investments held by the trust whether or not the return is derived from appreciation of capital, from earnings and distributions of capital or from a combination thereof.
2. A trustee shall make regular distributions in accordance with the trust instrument and the provisions of this section.
3. Under the terms of the trust, the term ‘income’ means an annual distribution from the trust equal to not less than 3 percent and not more than 5 percent of the net fair market value of the trust’s assets. The value of the trust assets must be determined at the end of the calendar year by averaging, over the preceding 3 years or during the period of the trust’s existence, whichever is less, both the income and the principal assets of the trust.