§ 163.5505 — Creation; enforcement; requirements

Nevada § 163.5505

• Jurisdiction: Nevada
• Title 13: GUARDIANSHIPS; CONSERVATORSHIPS; TRUSTS
• Ch. 163: Trusts

Text

Except as otherwise provided in NRS 163.0075 or another provision of law:
1. A trust may be created for a noncharitable purpose without a definite ascertainable beneficiary or for a noncharitable but otherwise valid purpose. The noncharitable purpose for which a trust is created must be stated with sufficient particularity in the trust instrument as to be ascertainable by a finder of fact.
2. A trust authorized by this section may be enforced by a trustee, trust adviser, trust protector or person appointed under the terms of the trust or, if no such person is appointed, by the court.
3. Except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use, property of a trust authorized by this section may be applied only to its intended use, including, without limitation, appointing trust property to or for the benefit of an existing or new trust whose purposes are limited to one or more purposes of the original trust. Except as otherwise provided by the terms of the trust, property not required for the intended use must be distributed to the settlor, if living, or otherwise to the settlor’s successors in interest.
4. As used in this section:
(a) “Trust adviser” has the meaning ascribed to it in NRS 163.5545 .
(b) “Trust protector” has the meaning ascribed to it in NRS 163.5547 .
(c) “Valid purpose” means any purpose that is not illegal or against public policy.

Legislative History

(Added to NRS by 2017, 1686 )