Nevada Revised Statutes 159.0895 – Assets retained to pay expenses of funeral and disposal of remains of protected person: Amount exempt from all claims; placement in account or trust; reversion of excess to estate of protected person
Current as of: 2022 | Check for updates
|
Other versions
1. The guardian may retain assets for the anticipated expense of the funeral of the protected person and the disposal of his or her remains. Of the amount so retained, $3,000 is exempt from all claims, including those of this state.
Terms Used In Nevada Revised Statutes 159.0895
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. The guardian may place assets so retained in a pooled account or trust. If the assets are invested in a savings account or other financial account, they are not subject to disposition as unclaimed property during the lifetime of the protected person.
3. Assets so retained may be disbursed for the funeral of the protected person or the disposal of his or her remains without prior authorization of the court. An amount not so disbursed becomes part of the estate of the protected person.