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Nevada Living Trust Form (Revocable)

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Nevada Living Trust Form (Revocable)

Updated May 07, 2024

A Nevada living trust is a document used by an individual (the “grantor”) to place their assets in trust to be distributed to their beneficiaries when the grantor dies. A living trust can be amended or revoked at any time by the grantor, who may also serve as the trustee. Alternatively, they may appoint a third party to manage their assets.

Requirements (3)

    1. Intent: The grantor must manifest an intention to create a trust.
    2. Property: There must be property placed in the trust.[1]
    3. Beneficiary: The trust must have one or more beneficiaries, unless it is a charitable trust, a public benefit trust, or a trust established for the care of an animal.[2]

Laws

Amending/Revoking – The grantor must expressly reserve the right to revoke the trust under the terms of the trust instrument for a trust to be considered revocable.[4]

Bond Requirement – The trustee may be ordered by the court to put forward a bond as typically required of a personal representative.[5]

Certification of Trust – Instead of a copy of the trust instrument, a trustee may furnish a signed certification of trust to establish the existence and terms of a trust.[6]

Co-Trustees – If there are two co-trustees, they must act by unanimous decision.[7] However, a power vested in three or more co-trustees may be exercised by majority decision.[8]

Contesting a Trust – A beneficiary, heir, or other interested person may not begin an action to contest the validity of a trust more than 120 days after being provided notice by the trustee of the trust’s existence.[9]

Costs Related to the Trust – In administering the trust, the trustee may only incur costs that are appropriate and reasonable, given the trust property and its purposes.[10]

Jurisdiction – If the physical assets of an out-of-state trust are moved to Nevada, the trust is considered valid in Nevada regardless of whether its creation complied with Nevada law.[11]

Oral Trusts – An oral trust in personal property may only be established by clear and convincing evidence.[12] A trust in real property, however, must be established in writing.

Pet Trusts – A trust may be validly created for the care of one or more animals that are alive at the time of the grantor’s death. Such a trust terminates when all animals covered by the terms of the trust have died.[13]

Signing Requirements – If the trust holds any real property, the instrument must be in writing and signed by either the grantor, the trustee, or an authorized agent of either party.[14]

Spendthrift Provision – A spendthrift trust, whether in real property or personal property, must be established in writing.[15]

Trustee’s Compensation – The trustee’s compensation must be initially determined by the terms of the trust. Thereafter, if not contradicted by these terms, the court may allow the trustee to receive reasonable compensation for their services.[16]

Trustee’s Duties – The trustee must prudently administer a trust in accordance with its terms[17] and solely in the interest of the beneficiaries.[18]

Trustee’s Powers – The trustee has the power to sell, convey, or encumber property taken into the trustee’s name, unless the terms of the trust specifically limit this power.[19]

Sources

  1. § 163.003
  2. § 163.006
  3. § 163.008(2)
  4. § 163.004(2)
  5. § 153.120
  6. § 164.400(1)
  7. § 163.110(3)
  8. § 163.110(1)
  9. § 164.021(4)
  10. § 164.760
  11. § 164.045(3)
  12. § 163.009(1)
  13. § 163.0075(1)
  14. § 163.008(1)
  15. § 166.040(1)
  16. § 164.043(1)
  17. § 164.710(1)
  18. § 164.715
  19. § 164.067(1)