Nevada Revised Statutes 159A.0895 – Assets retained to pay expenses of funeral and disposal of remains of protected minor: Amount exempt from all claims; placement in account or trust; reversion of excess to estate of protected minor
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1. The guardian may retain assets for the anticipated expense of the protected minor’s funeral 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 159A.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.
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, the assets are not subject to disposition as unclaimed property during the lifetime of the protected minor.
3. Assets so retained may be disbursed for the protected minor’s funeral or the disposal of his or her remains without prior authorization of the court. An amount not so disbursed becomes part of the protected minor’s estate.