Nevada Revised Statutes 132.390 – Circumstances in which person is interested person
1. For the purposes of this title, a person is an interested person with respect to:
Terms Used In Nevada Revised Statutes 132.390
- 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
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Probate: Proving a will
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(a) A judicial proceeding, a notice of a proposed action or a nonjudicial settlement, if the person has or claims to have an enforceable right or interest that may be materially affected by the outcome of that proceeding, proposed action or nonjudicial settlement. While living, a settlor or a testator shall be deemed to have an enforceable right with respect to any trust or will that he or she created. For the purposes of this paragraph, a person may not claim to have a right or interest under an estate or trust after the entry of an order of the court declaring the right or interest invalid.
(b) An estate of a decedent, if the person:
(1) Is an heir, devisee, child, spouse, creditor, settlor or beneficiary;
(2) Has a property right in or claim against the estate of a decedent, including, without limitation, the Director of the Department of Health and Human Services in any case in which money is owed to the Department of Health and Human Services as a result of the payment of benefits for Medicaid;
(3) Has priority for appointment as a personal representative; or
(4) Is any other fiduciary representing an interested person.
(c) A trust, if the person:
(1) Is a living settlor or, if a court has appointed a guardian of the estate of the settlor, the guardian of the estate appointed by the court;
(2) Is the trustee, including, without limitation, each acting cotrustee;
(3) Holds the presently exercisable right to remove or replace the trustee or a cotrustee;
(4) Asserts the right to serve as the trustee or as a cotrustee;
(5) Is a current beneficiary or a remainder beneficiary of that trust;
(6) Holds a presently exercisable power of appointment that permits the holder to designate or change the designation of a current beneficiary or a remainder beneficiary of that trust;
(7) Holds a presently exercisable power that permits the holder to designate, remove or otherwise change the designation of a person who, pursuant to this paragraph, would be an interested person;
(8) Is a creditor of the settlor who has a claim which has been accepted by the trustee or who has asserted the trustee’s liability therefor in a probate proceeding or in a civil action under subsection 8 or 9 of NRS 111.779; or
(9) Is a creditor of the trust who has given the trustee written notice of its claim.
(d) A revocable trust that is the subject of a petition under NRS 164.015 relating to the validity of the trust or any trust-related document, if the person, after the death of the settlor, under the terms of any version of the trust documents in dispute, would be:
(1) A current beneficiary or a remainder beneficiary of that trust; or
(2) A trustee or a successor trustee, including, without limitation, a cotrustee.
(e) A will that, while the testator is still living, is the subject of a petition under subsection 2 of NRS 30.040, if the person, after the death of the testator, would be:
(1) A beneficiary of that will; or
(2) A fiduciary designated in or pursuant to the terms of that will.
2. For the purposes of this title, the following persons are not interested persons:
(a) With respect to a motion, petition or proceeding, any person holding or claiming an interest or right that is not affected by the motion, petition or proceeding.
(b) The Director of the Department of Health and Human Services after any money owed to the Department has been paid in full or with respect to the estate or trust of a decedent who did not receive any benefits from Medicaid.
(c) A vexatious litigant with regard to a motion, petition or proceeding for which the vexatious litigant has been denied standing pursuant to NRS 155.165.
(d) As to the estate of a decedent:
(1) After a will has been admitted to probate, an heir, child or spouse who is not a beneficiary of the will, except for the purposes of NRS 133.110, 133.160 and 137.080.
(2) A creditor whose claim has not been accepted by the personal representative, if the enforcement of the claim of the creditor is barred under the provisions of chapter 11 or 147 of NRS or any other applicable statute of limitations.
(e) As to a trust:
(1) The guardian of the person of an interested person, unless the guardian is expressly permitted to act for the interested person under the terms of the trust instrument;
(2) A beneficiary or creditor whose right or claim is barred by any applicable statute of limitations, including, without limitation, the statute of limitations found in chapter 11 of NRS or NRS 164.021, 164.025 or 166.170;
(3) Any beneficiary of a revocable trust, except as expressly provided in paragraph (d) of subsection 1; or
(4) Any disclaimant as to a disclaimed interest, except with respect to the enforcement of the disclaimer.
3. As used in this section:
(a) ’Current beneficiary’ has the meaning ascribed to it in NRS 165.020.
(b) ’Remainder beneficiary’ has the meaning ascribed to it in NRS 165.020.