Nevada § 166A.180 - Custodial trust; general

§ 166A.180. Custodial trust; general

1. A person may create a custodial trust of property by a written transfer of the

property to another person evidenced by registration or by other instrument of transfer,

executed in any lawful manner, naming as beneficiary an individual who may be the

transferor, in which the transferee is designated, in substance, as custodial trustee

under the Nevada Uniform Custodial Trust Act. 2. A person may create a custodial trust of property by a written declaration, evidenced

by registration of the property or by other instrument of declaration executed in

any lawful manner, describing the property and naming as beneficiary an individual

other than the declarant, in which the declarant as titleholder is designated, in

substance, as custodial trustee under the Nevada Uniform Custodial Trust Act. A registration or other declaration of trust for the sole benefit of the declarant

is not a custodial trust under this chapter. 3. Title to custodial trust property is in the custodial trustee, and the beneficial

interest is in the beneficiary. 4. Except as otherwise provided in subsection 5, a transferor may not terminate a

custodial trust. 5. The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary,

may terminate a custodial trust by delivering to the custodial trustee a writing signed

by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the

beneficiary. 6. Any person may augment existing custodial trust property by the addition of other

property pursuant to this chapter. 7. The transferor may designate, or authorize the designation of, a successor custodial

trustee in the trust instrument. 8. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according

to its terms under other law.