2005 Nevada Revised Statutes - Chapter 153 — Administration of Trusts; Estates for Life and Years

CHAPTER 153 - ADMINISTRATION OF TRUSTS;ESTATES FOR LIFE AND YEARS

NRS 153.010 Applicabilityof chapter.

NRS 153.020 Courtretains jurisdiction after final distribution for certain purposes.

NRS 153.031 Petitionby trustee or beneficiary concerning affairs of trust: Purposes of petition;contents; notice and hearing.

NRS 153.041 Accountingby trustee; service of citation.

NRS 153.050 Accountingsby life tenants and tenants for years.

NRS 153.060 Petitionfor distribution of residue of trust estate, estate for life or estate foryears: Notice.

NRS 153.070 Expensesand compensation of trustees.

NRS 153.080 Conclusivenessof order.

NRS 153.090 Declinationof person designated trustee: Procedure.

NRS 153.100 Appointmentto fill vacancy.

NRS 153.120 Bondof trustee.

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NRS 153.010 Applicabilityof chapter. The provisions of this chapter governfiduciaries acting under trusts, wills and court orders in estate proceedings,whether the estate has been distributed or proceedings are now pending.

[Part 244:107:1941; A 1947, 38; 1943 NCL 9882.244](NRS A 1999,2351)

NRS 153.020 Courtretains jurisdiction after final distribution for certain purposes. If a trust, life estate or estate for years is created byor under any will to continue after distribution, the court does not losejurisdiction of the estate by final distribution, but retains jurisdiction ofit until the distribution of the residue to those entitled to it. Thedistribution may be upon petition of the trustee, his successor in interest orof any person entitled to share in the distribution.

[Part 244:107:1941; A 1947, 38; 1943 NCL 9882.244](NRS A 1959, 512; 1977, 569; 1983, 263, 669; 1999, 2352)

NRS 153.031 Petitionby trustee or beneficiary concerning affairs of trust: Purposes of petition;contents; notice and hearing.

1. A trustee or beneficiary may petition the courtregarding any aspect of the affairs of the trust, including:

(a) Determining the existence of the trust;

(b) Determining the construction of the trustinstrument;

(c) Determining the existence of an immunity, power,privilege, right or duty;

(d) Determining the validity of a provision of thetrust;

(e) Ascertaining beneficiaries and determining to whomproperty is to pass or be delivered upon final or partial termination of thetrust, to the extent not provided in the trust instrument;

(f) Settling the accounts and reviewing the acts of thetrustee, including the exercise of discretionary powers;

(g) Instructing the trustee;

(h) Compelling the trustee to report information aboutthe trust or account, to the beneficiary;

(i) Granting powers to the trustee;

(j) Fixing or allowing payment of the trusteescompensation, or reviewing the reasonableness of his compensation;

(k) Appointing or removing a trustee;

(l) Accepting the resignation of a trustee;

(m) Compelling redress of a breach of the trust;

(n) Approving or directing the modification ortermination of the trust;

(o) Approving or directing the combination or divisionof trusts; and

(p) Amending or conforming the trust instrument in themanner required to qualify the estate of a decedent for the charitable estatetax deduction under federal law, including the addition of mandatoryrequirements for a charitable-remainder trust.

2. A petition under this section must state thegrounds of the petition and the name and address of each interested person,including the attorney general if the petition relates to a charitable trust,and the relief sought by the petition. Except as otherwise provided in thischapter, the clerk shall set the petition for hearing and the petitioner shallgive notice for the period and in the manner provided in NRS 155.010. The court may order suchfurther notice to be given as may be proper.

(Added to NRS by 1999, 2351)

NRS 153.041 Accountingby trustee; service of citation. The trusteemay, upon petition of a beneficiary or the guardian of a beneficiary, beordered to appear at a hearing and render an account. The trustee must beserved with a citation in the manner provided in NRS 155.050. Unless otherwise ordered bythe court, the citation must be served at least 30 days before the day of thehearing. The petition may not be denied unless an account has been filed withthe court within 1 year before the petition if filed.

(Added to NRS by 1999, 2351)

NRS 153.050 Accountingsby life tenants and tenants for years.

1. If by law, or by the terms of an instrumentcreating a life estate or an estate for years, the tenant is required toaccount for use of the property of the estate, then the provisions of thischapter concerning accounting by a trustee apply to the life tenant and tenantfor years and, after death, to the personal representative.

2. If no obligation to account during his tenancy isimposed upon the tenant, nevertheless such of the provisions of this chapter asapply to accounting by a trustee apply to the personal representatives of thetenant, to the extent of determining the residue of the estate.

[Part 245:107:1941; 1931 NCL 9882.245](NRS A 1959,513; 1999, 2352)

NRS 153.060 Petitionfor distribution of residue of trust estate, estate for life or estate foryears: Notice. If a petition is filed fordistribution of the residue of the trust estate, estate for life or estate foryears to those entitled thereto, the clerk shall set the petition for hearingand the petitioner shall give notice of the hearing for the period and in themanner provided in NRS 155.010.

[Part 245:107:1941; 1931 NCL 9882.245](NRS A 1999, 2352)

NRS 153.070 Expensesand compensation of trustees. On thesettlement of each account of a trustee, the court shall allow the trustee hisproper expenses and such compensation for services as the court may deem justand reasonable. Where there are several trustees, it shall apportion thecompensation among them according to the respective services rendered. It mayfix a yearly compensation for each trustee, in a set amount or pursuant to astandard schedule of fees, to continue as long as the court may deem proper.

[246:107:1941; 1931 NCL 9882.246](NRS A 1987, 511)

NRS 153.080 Conclusivenessof order. An order entered under the provisionsof this chapter, when it becomes final, is conclusive upon all interested persons,whether or not they are competent or in being.

[247:107:1941; 1931 NCL 9882.247](NRS A 1999, 2353)

NRS 153.090 Declinationof person designated trustee: Procedure.

1. A person named or designated as a trustee in a willmay, at any time before distribution of any of the estate to him, decline toact as trustee, and an order of court must be entered accepting theresignation, but the declination of any person who has qualified as trustee maynot be accepted by the court unless a petition to accept the declination isfiled in the proceeding for administration of the estate. Upon the filing ofthe petition, the clerk shall set it for hearing and the petitioner shall givenotice to all interested persons for the period and in the manner provided in NRS 155.010.

2. In accepting a declination, the court may enter andenforce any order which may be necessary for the preservation of the estate.

[248:107:1941; 1931 NCL 9882.248](NRS A 1999, 2353)

NRS 153.100 Appointmentto fill vacancy.

1. The court in which the administration is pendingmay, at any time before final distribution of the trust, appoint a qualifiedperson to fill a vacancy in the office of trustee under the will, whetherresulting from death, declination, resignation, removal or otherwise, if theappointment is necessary to carry out the trust. A person who is named in thewill to fill the vacancy has priority for appointment.

2. The appointment may be made by the court upon thepetition of an interested person. Upon the filing of the petition, the clerkshall set it for hearing and the petitioner shall give notice to all interestedpersons for the period and in the manner provided in NRS 155.010.

3. The court may appoint a temporary trustee withoutnotice if necessary to preserve the trust estate.

[249:107:1941; 1931 NCL 9882.249](NRS A 1999, 2353)

NRS 153.120 Bondof trustee. The court may require a personappointed as trustee, before acting as a trustee, to give a bond as is requiredof a personal representative. If a bond is required, the trustee must beallowed the cost of the bond out of the trust estate.

[251:107:1941; 1931 NCL 9882.251](NRS A 1999, 2353)

 

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