Nevada Revised Statutes 159.173 – Transfer of property of protected person not ademption
If a guardian of the estate sells or transfers any real or personal property that is specifically devised or bequeathed by the protected person or which is held by the protected person as a joint tenancy, designated as being held by the protected person in trust for another person or held by the protected person as a revocable trust and the protected person had the capacity to make a will or create the interest at the time the will or interest was created, but did not have the capacity to make a will or create the interest at the time of the sale or transfer and never executed a valid later will or changed the manner in which the protected person held the interest, the devisee, beneficiary or legatee may elect to take the proceeds of the sale or other transfer of the interest, specific devise or bequest.
Terms Used In Nevada Revised Statutes 159.173
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- 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.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Legatee: A beneficiary of a decedent
- 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
- Personal property: All property that is not real property.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).