Nevada Revised Statutes 167.050 – Duties and powers of custodian
1. The custodian shall:
Terms Used In Nevada Revised Statutes 167.050
- 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
- Custodial property: means :
(a) Any interest in property transferred to a custodian in a manner prescribed in this chapter; and
(b) The income from and the proceeds of that interest in property. See Nevada Revised Statutes 167.020
- Custodian: means a person so designated in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Legal representative: means a personal representative or conservator. See Nevada Revised Statutes 167.020
- Minor: means a person who has not attained the age of 18 years. See Nevada Revised Statutes 167.020
- Person: means any natural person, corporation, organization or other legal entity. See Nevada Revised Statutes 167.020
- Statute: A law passed by a legislature.
- Transferor: means a person who makes a transfer in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
(a) Take control of the custodial property;
(b) Register or record title to the custodial property, if appropriate; and
(c) Collect, hold, manage, invest and reinvest the custodial property.
2. In dealing with custodial property, the custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another, and is not limited by any other statute restricting investments by fiduciaries. If the custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, he or she shall use that skill or expertise. However, the custodian, without liability to the minor or the minor’s estate, may retain any custodial property received from a transferor.
3. The custodian may invest in or pay premiums on life insurance or endowment policies on the life of:
(a) The minor only if the minor or the minor’s estate is the sole beneficiary; or
(b) Another person in whom the minor has an insurable interest only to the extent that the minor, the minor’s estate or the custodian, in the capacity of custodian, is the irrevocable beneficiary.
4. The custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor’s interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: ‘as a custodian for……………. (name of minor) under Nevada’s Uniform Act on Transfers to Minors.’
5. The custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor’s tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor, if the minor has attained the age of 14 years.