Nevada § 166A.230 - General duties of custodial trustee

§ 166A.230. General duties of custodial trustee

1. If appropriate, a custodial trustee shall register or record the instrument vesting

title to custodial trust property. 2. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions

of the beneficiary in the management, control, investment or retention of the custodial

trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated,

the custodial trustee shall observe the standard of care that would be observed by

a prudent person dealing with property of another and is not limited by any other

law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain

any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee

on the basis of representation of a special skill or expertise, the custodial trustee

shall use that skill or expertise. 3. Subject to subsection 2, a custodial trustee shall take control of and collect,

hold, manage, invest and reinvest custodial trust property. 4. A custodial trustee at all times shall keep custodial trust property of which the

custodial trustee has control separate from all other property in a manner sufficient

to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified

if an appropriate instrument so identifying the property is recorded, and custodial

trust property subject to registration is so identified if it is registered, or held

in an account in the name of the custodial trustee, designated in substance: “as

custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act.” 5. A custodial trustee shall keep records of all transactions with respect to custodial

trust property, including, without limitation, information necessary for the preparation

of tax returns, and shall make the records and information available at reasonable

times to the beneficiary or legal representative of the beneficiary. 6. The exercise of a durable power of attorney for an incapacitated beneficiary is

not effective to terminate or direct the administration or distribution of a custodial

trust.