Nevada § 628B.550 - Fiduciary duty; prohibited transactions or interests; voidable transactions; additional remedies; appointment and review of guardianships; filing of reports with court

§ 628B.550. Fiduciary duty; prohibited transactions or interests; voidable transactions; additional remedies; appointment and review of guardianships; filing of reports with court

1. The fiduciary relationship which exists between a private professional guardian

and the protected person of the private professional guardian may not be used for

the private gain of the guardian other than the remuneration for fees and expenses. A private professional guardian may not incur any obligation on behalf of the guardianship

that conflicts with the discharge of the duties of the private professional guardian. 2. Unless prior approval is obtained from a court of competent jurisdiction, a private

professional guardian shall not: (a) Have any interest, financial or otherwise, direct or indirect, in any business

transaction or activity with the guardianship. (b) Acquire an ownership, possessory, security or other pecuniary interest adverse

to the protected person. (c) Be knowingly designated as a beneficiary on any life insurance policy or pension

or benefit plan of the protected person unless such designation was validly made by

the protected person before the adjudication of the person's incapacity. (d) Directly or indirectly purchase, rent, lease or sell any property or services

from or to any business entity in which the private professional guardian, or the

spouse or relative of the guardian, is an officer, partner, director, shareholder

or proprietor or in which such a person has any financial interest. 3. Any action taken by a private professional guardian which is prohibited by this

section may be voided during the term of the guardianship or by the personal representative

of the protected person’s estate. The private professional guardian is subject to removal and to imposition of personal

liability through a proceeding for discharge, in addition to any other remedies otherwise

available. 4. A court shall not appoint a private professional guardian that does not meet the

requirements set forth in NRS 159.0595 as the guardian of a person or estate. The court must review each guardianship involving a private professional guardian

on the anniversary date of the appointment of the private professional guardian. If a private professional guardian does not meet the requirements set forth in NRS 159.0595 , the court must replace the guardian until such time as the private professional

guardian meets such requirements. 5. A private professional guardian shall file any report required by the court in

a timely manner.