Nevada § 164.038 - Circumstances under which certain persons are authorized to be represented by persons with similar interests in proceedings concerning administration of trust; binding results; representation by powerholder for permissible appointee or taker in default of appointment; representation by parent or guardian of beneficiary

§ 164.038. Circumstances under which certain persons are authorized to be represented by persons with similar interests in proceedings concerning administration of trust; binding results; representation by powerholder for permissible appointee or taker in default of appointment; representation by parent or guardian of beneficiary

1. Unless otherwise represented by counsel, a minor, incapacitated person, unborn

person or person whose identity or location is unknown and not reasonably ascertainable

may be represented by another person who has a substantially similar interest with

respect to the question or dispute. 2. A person may only be represented by another person pursuant to subsection 1 if

there is no material conflict of interest between the person and the representative

with respect to the question or dispute for which the person is being represented. If a person is represented pursuant to subsection 1, the results of that representation

in the question or dispute will be binding on the person. 3. A presumptive remainder beneficiary may represent and bind a beneficiary with a

contingent remainder for the same purpose, in the same circumstance and to the same

extent as an ascertainable beneficiary may bind a minor, incapacitated person, unborn

person or person who cannot be ascertained. 4. A powerholder may represent and bind a person who is a permissible appointee or

taker in default of appointment. 5. If a trust has a minor or incapacitated beneficiary who may not be represented

by another person pursuant to this section, a custodial parent or the guardian of

the estate of the minor or incapacitated beneficiary may represent the minor or incapacitated

beneficiary in any judicial proceeding or nonjudicial matter pertaining to the trust. A minor or incapacitated beneficiary may only be represented by a parent or guardian

if there is no material conflict of interest between the minor or incapacitated beneficiary

and the parent or guardian with respect to the question or dispute. If a minor or incapacitated beneficiary is represented pursuant to this subsection,

the results of that representation will be binding on the minor or incapacitated beneficiary. The representation of a minor or incapacitated beneficiary pursuant to this subsection

is binding on an unborn person or a person who cannot be ascertained if: (a) The unborn person or a person who cannot be ascertained has an interest substantially

similar to the minor or incapacitated person; and (b) There is no material conflict of interest between the unborn person or a person

who cannot be ascertained and the minor or incapacitated person with respect to the

question or dispute. 6. As used in this section: (a) “ Permissible appointee ” has the meaning ascribed to it in NRS 162B.065 . (b) “ Powerholder ” has the meaning ascribed to it in NRS 162B.080 . (c) “ Presumptive remainder beneficiary ” means: (1) A beneficiary who would receive income or principal of the trust if the trust

were to terminate as of that date, regardless of the exercise of a power of appointment;

or (2) A beneficiary who, if the trust does not provide for termination, would receive

or be eligible to receive distributions of income or principal of the trust if all

beneficiaries of the trust who were receiving or eligible to receive distributions

were deceased. (d) “ Taker in default of appointment ” has the meaning ascribed to it in NRS 162B.095 .