Nevada § 166A.340 - Methods and forms for creating custodial trusts

§ 166A.340. Methods and forms for creating custodial trusts

1. If a transaction, including, without limitation, a declaration with respect to

or a transfer of specific property, otherwise satisfies applicable law, the criteria

of NRS 166A.180 are satisfied by either: (a) The execution and either delivery to the custodial trustee or recording of an

instrument in substantially the following form: TRANSFER UNDER THE NEVADA UNIFORM CUSTODIAL TRUST ACT I, _____ (name of transferor or name and representative capacity if a fiduciary), transfer

to _____ (name of trustee other than transferor), as custodial trustee for _____ (name of beneficiary) as beneficiary and _____ as distributee on termination of the trust in absence of direction by the beneficiary

under the Nevada Uniform Custodial Trust Act, the following: (insert a description

of the custodial trust property legally sufficient to identify and transfer each item

of property). Dated: ____________________________ ___________________________________ (Signature) (b) The execution and the recording or giving notice of its execution to the beneficiary

of an instrument in substantially the following form: DECLARATION OF TRUST UNDER THE NEVADA UNIFORM CUSTODIAL TRUST ACT I, _____ (name of owner of property), declare that henceforth I hold as custodial trustee

for _____ (name of beneficiary other than transferor) as beneficiary and _____ as distributee on termination of the trust in absence of direction by the beneficiary

under the Nevada Uniform Custodial Trust Act, the following: (Insert a description

of the custodial trust property legally sufficient to identify and transfer each item

of property). Dated: ____________________________ ___________________________________ (Signature) 2. Customary methods of transferring or evidencing ownership of property may be used

to create a custodial trust, including, without limitation, any of the following: (a) Registration of a security in the name of a trust company, an adult other than

the transferor or the transferor if the beneficiary is other than the transferor,

designated in substance: “as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (b) Delivery of a certificated security, or a document necessary for the transfer

of an uncertificated security, together with any necessary endorsement, to an adult

other than the transferor or to a trust company as custodial trustee, accompanied

by an instrument in substantially the form prescribed in paragraph (a) of subsection

1; (c) Payment of money or transfer of a security held in the name of a broker or a financial

institution or its nominee to a broker or financial institution for credit to an account

in the name of a trust company, an adult other than the transferor or the transferor

if the beneficiary is other than the transferor, designated in substance: “as custodial

trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (d) Registration of ownership of a life or endowment insurance policy or annuity contract

with the issuer in the name of a trust company, an adult other than the transferor

or the transferor if the beneficiary is other than the transferor, designated in substance:

“as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (e) Delivery of a written assignment to an adult other than the transferor or to a

trust company whose name in the assignment is designated in substance by the words:

“as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (f) Irrevocable exercise of a power of appointment, pursuant to its terms, in favor

of a trust company, an adult other than the donee of the power or the donee who holds

the power if the beneficiary is other than the donee, whose name in the appointment

is designated in substance: “as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (g) Delivery of a written notification or assignment of a right to future payment

under a contract to an obligor which transfers the right under the contract to a trust

company, an adult other than the transferor or the transferor if the beneficiary is

other than the transferor, whose name in the notification or assignment is designated

in substance: “as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (h) Execution, delivery and recordation of a conveyance of an interest in real property

in the name of a trust company, an adult other than the transferor or the transferor

if the beneficiary is other than the transferor, designated in substance: “as custodial

trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; (i) Issuance of a certificate of title by an agency of a state or of the United States

which evidences title to tangible personal property: (1) Issued in the name of a trust company, an adult other than the transferor or the

transferor if the beneficiary is other than the transferor, designated in substance:

“as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; or (2) Delivered to a trust company or an adult other than the transferor or endorsed

by the transferor to that person, designated in substance: “as custodial trustee

for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act”; or (j) Execution and delivery of an instrument of gift to a trust company or an adult

other than the transferor, designated in substance: “as custodial trustee for _____ (name of beneficiary) under the Nevada Uniform Custodial Trust Act.”