The provisions of this
chapter govern fiduciaries 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 )
If a trust, life estate or estate for years is
created by or under any will to continue after distribution, the court
does not lose jurisdiction of the estate by final distribution, but
retains jurisdiction of it until the distribution of the residue to those
entitled to it. The distribution may be upon petition of the trustee, his
successor in interest or of 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 )
1. A trustee or beneficiary may petition the court regarding any
aspect of the affairs of the trust, including:
(a) Determining the existence of the trust;
(b) Determining the construction of the trust instrument;
(c) Determining the existence of an immunity, power, privilege,
right or duty;
(d) Determining the validity of a provision of the trust;
(e) Ascertaining beneficiaries and determining to whom property is
to pass or be delivered upon final or partial termination of the trust,
to the extent not provided in the trust instrument;
(f) Settling the accounts and reviewing the acts of the trustee,
including the exercise of discretionary powers;
(g) Instructing the trustee;
(h) Compelling the trustee to report information about the trust or
account, to the beneficiary;
(i) Granting powers to the trustee;
(j) Fixing or allowing payment of the trustee’s compensation, 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 or termination of the
trust;
(o) Approving or directing the combination or division of trusts;
and
(p) Amending or conforming the trust instrument in the manner
required to qualify the estate of a decedent for the charitable estate
tax deduction under federal law, including the addition of mandatory
requirements for a charitable-remainder trust.
2. A petition under this section must state the grounds 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 this
chapter, the clerk shall set the petition for hearing and the petitioner
shall give notice for the period and in the manner provided in NRS
155.010 . The court may order such
further notice to be given as may be proper.
(Added to NRS by 1999, 2351 )
The
trustee may, upon petition of a beneficiary or the guardian of a
beneficiary, be ordered to appear at a hearing and render an account. The
trustee must be served with a citation in the manner provided in NRS
155.050 . Unless otherwise ordered by
the court, the citation must be served at least 30 days before the day of
the hearing. The petition may not be denied unless an account has been
filed with the court within 1 year before the petition if filed.
(Added to NRS by 1999, 2351 )
1. If by law, or by the terms of an instrument creating a life
estate or an estate for years, the tenant is required to account for use
of the property of the estate, then the provisions of this chapter
concerning accounting by a trustee apply to the life tenant and tenant
for years and, after death, to the personal representative.
2. If no obligation to account during his tenancy is imposed upon
the tenant, nevertheless such of the provisions of this chapter as apply
to accounting by a trustee apply to the personal representatives of the
tenant, to the extent of determining the residue of the estate.
[Part 245:107:1941; 1931 NCL § 9882.245]—(NRS A 1959, 513; 1999,
2352 )
If a petition is filed for
distribution of the residue of the trust estate, estate for life or
estate for years to those entitled thereto, the clerk shall set the
petition for hearing and the petitioner shall give notice of the hearing
for the period and in the manner provided in NRS 155.010 .
[Part 245:107:1941; 1931 NCL § 9882.245]—(NRS A 1999, 2352 )
On the
settlement of each account of a trustee, the court shall allow the
trustee his proper expenses and such compensation for services as the
court may deem just and reasonable. Where there are several trustees, it
shall apportion the compensation among them according to the respective
services rendered. It may fix a yearly compensation for each trustee, in
a set amount or pursuant to a standard schedule of fees, to continue as
long as the court may deem proper.
[246:107:1941; 1931 NCL § 9882.246]—(NRS A 1987, 511)
An order entered under the
provisions of 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 )
1. A person named or designated as a trustee in a will may, at any
time before distribution of any of the estate to him, decline to act as
trustee, and an order of court must be entered accepting the resignation,
but the declination of any person who has qualified as trustee may not be
accepted by the court unless a petition to accept the declination is
filed in the proceeding for administration of the estate. Upon the filing
of the petition, the clerk shall set it for hearing and the petitioner
shall give notice 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 and enforce any
order which may be necessary for the preservation of the estate.
[248:107:1941; 1931 NCL § 9882.248]—(NRS A 1999, 2353 )
1. The court in which the administration is pending may, at any
time before final distribution of the trust, appoint a qualified person
to fill a vacancy in the office of trustee under the will, whether
resulting from death, declination, resignation, removal or otherwise, if
the appointment is necessary to carry out the trust. A person who is
named in the will to fill the vacancy has priority for appointment.
2. The appointment may be made by the court upon the petition of
an interested person. Upon the filing of the petition, the clerk shall
set it for hearing and the petitioner shall give notice to all interested
persons for the period and in the manner provided in NRS 155.010 .
3. The court may appoint a temporary trustee without notice if
necessary to preserve the trust estate.
[249:107:1941; 1931 NCL § 9882.249]—(NRS A 1999, 2353 )
The court may require a person
appointed as trustee, before acting as a trustee, to give a bond as is
required of a personal representative. If a bond is required, the trustee
must be allowed 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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