2020 Nevada Revised Statutes
Chapter 163 - Trusts
NRS 163.002 - Creation: Methods; certain property deemed trust property.
1. Except as otherwise provided by specific statute, a trust may be created by any of the following methods:
(a) A declaration by the owner of property that he or she or another person holds the property as trustee. In the absence of a contrary declaration by the owner of the property or of a transfer of the property to a third party and regardless of formal title to the property:
(1) Property declared to be trust property, together with all income therefrom and the reinvestment thereof, must remain trust property; and
(2) If the property declared to be trust property includes an account, contract, certificate, note, judgment, business interest, contents of a safe deposit box or other property interest that is subject to additions or contributions, all subsequent additions and contributions to the property are also trust property.
(b) A transfer of property by the owner during his or her lifetime to another person as trustee.
(c) A testamentary transfer of property by the owner to another person as trustee.
(d) An exercise of a power of appointment in trust.
(e) An enforceable promise to create a trust.
2. A declaration pursuant to paragraph (a) of subsection 1 may include a schedule or list of trust assets that is signed by the owner of the property or that is incorporated by reference into a document that is signed by the owner of the property.
(Added to NRS by 1991, 1704; A 2009, 792; 2015, 3541; 2017, 1688)
