1.  Except as otherwise provided in this section, a settlement agreement entered into by all indispensable parties, as described in subsection 1 of NRS 164.942 is enforceable with respect to the administration of a trust without approval by the court, as defined in NRS 132.116.

will 560x170

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Nevada Revised Statutes 164.940

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.

2.  A nonjudicial settlement agreement is void to the extent it violates a material purpose of the trust and to the extent it includes terms and conditions that could not be properly approved by the court, as defined in NRS 132.116, under the law governing the trust instrument.

3.  Matters that may be resolved by a nonjudicial settlement agreement include, without limitation:

(a) The investment or use of trust assets;

(b) The lending or borrowing of money;

(c) The addition, deletion or modification of a term or condition of the trust;

(d) The interpretation or construction of a term of the trust;

(e) The designation or transfer of the principal place of administration of the trust;

(f) The approval of a trustee‘s report or accounting;

(g) The choice of law governing the construction of the trust instrument or administration of the trust, or both;

(h) Direction to a trustee to perform or refrain from performing a particular act;

(i) The granting of any necessary or desirable power to a trustee;

(j) The resignation or appointment of a trustee and the determination of a trustee’s compensation;

(k) The merger or division of trusts;

(l) The granting of approval or authority, for a trustee to make charitable gifts from a noncharitable trust;

(m) The transfer of a trust’s principal place of administration;

(n) Negating the liability of a trustee for an action relating to the trust and providing indemnification therefor; and

(o) The termination of the trust.

  Previous section
Next section  
 Settlement of Disputes Contents