Nevada § 165.020 - Definitions; applicability of chapter

§ 165.020. Definitions; applicability of chapter

1. As used in this chapter: (a) “ Account ” means a report of the financial condition of the trust estate prepared by a trustee

which: (1) Must include the information set forth in NRS 165.135 ; and (2) May include information required by court order, the terms of the trust instrument

or NRS 165.1201 to 165.148 , inclusive. (b) “ Accounting period ” means the period for which the trustee is accounting and, except as otherwise provided

in this chapter, commencing with the first day following the previous accounting period

and ending on the date specified by the trustee or on the date specified by the court

if the account is ordered by the court. If the account is an initial account, the initial account commences on the day the

trustee became the trustee. (c) “ Broad power of appointment ” means a power of appointment held by a person, commonly referred to as a power holder,

that can be exercised in favor of: (1) The power holder, without any restriction or limitation; or (2) Any person other than one or more of the following: (I) The power holder; (II) The power holder's estate; (III) The power holder's creditors; or (IV) The creditors of the power holder's estate. (d) “ Current beneficiary ” means a distribution beneficiary to whom or for whose benefit the trustee is authorized

or required to make distributions of income or principal at any time during the accounting

period. (e) “ Distribution beneficiary ” has the meaning ascribed to it in NRS 163.415 . (f) “ Remainder beneficiary ” means a beneficiary who will become a current beneficiary upon the death of an existing

current beneficiary or upon the occurrence of some other event that may occur during

the beneficiary's lifetime, regardless of whether the beneficiary's share is subject

to elimination, but has not been eliminated, under a power of appointment other than

a broad power of appointment. (g) “ Remote beneficiary ” means a natural person or an entity whose interest in the trust estate is preceded

by the priority interest of one or more current beneficiaries and one or more remainder

beneficiaries, all of whose interests must be extinguished by death or pursuant to

the terms of the trust instrument before the remote beneficiary may become a current

beneficiary. (h) “ Settlor ” means the creator of a testamentary as well as a nontestamentary trust. The term includes a trustor and a grantor. (i) “ Successor trustee ” means a successor to the acting trustee or substitute trustee named or appointed

to succeed a predecessor trustee who has not yet assumed the role of trustee. Upon assuming the role, the successor trustee must thereafter be referred to as

the trustee. (j) “ Testamentary trustee ” means a trustee serving under a trust created by a will of a testator domiciled

in this state at the time of the testator's death, whose will has been admitted to

probate in this state, whether the trustee was appointed by the testator or by a court

or other authority. (k) “ Trust ” means: (1) A trust as defined in NRS 163.020 ; (2) A testamentary trust as defined in NRS 163.0018 ; and (3) A nontestamentary trust as defined in NRS 163.0016 . (l) “ Trustee ” includes a nontestamentary trustee, a testamentary trustee and a corporate trustee,

as well as a natural person. The term does not include a successor or substitute trustee, until the successor trustee

or substitute trustee assumes the role of acting trustee. 2. This chapter does not apply to resulting trusts, constructive trusts, business

trusts where certificates of beneficial interest are issued to the beneficiaries,

investment trusts, voting trusts, insurance trusts prior to the death of the insured,

trusts in the nature of mortgages or pledges, trusts created by judgment or decree

of a federal court or a state court other than the district court acting in probate

matters, liquidation trusts, or trust for the sole purpose of paying dividends, interest

or interest coupons, salaries, wages or pensions.