Nevada Revised Statutes 159A.339 – Assumption of jurisdiction by court of trust of which protected minor is beneficiary
1. If the inventory filed pursuant to NRS 159A.085 includes the existence of a trust of which the protected minor is currently a beneficiary who is receiving or is entitled to receive distributions, the trustee must be served with a copy of the inventory for the purpose of alerting the trustee that the court may assume jurisdiction of the trust pursuant to this section or that supervision of the trust may be transferred to the court pursuant to NRS 164.130.
Terms Used In Nevada Revised Statutes 159A.339
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
2. The guardian of the protected minor or attorney of the protected minor may demand a copy of the trust and an accounting of the assets of the trust from the trustee. Such a demand must be served on the trustee and all parties and include notice that failure to comply with the demand may result in the court assuming jurisdiction of the trust.
3. If the trustee fails to comply with the demand made pursuant to subsection 2 within 30 days after being served with the demand, the guardian of the protected minor or attorney of the protected minor may petition the court to assume jurisdiction of the trust. Such a petition must be served on the trustee and all parties.
4. Not later than 30 days after being served with a petition pursuant to subsection 3, the trustee may object to the court assuming jurisdiction of the trust. If no objection is filed or if the court does not find good cause as to why it should not assume jurisdiction of the trust, the court may assume jurisdiction of the trust.
5. Not later than 30 days after the court assumes jurisdiction of the trust pursuant to this section or supervision of the trust is transferred to the court pursuant to NRS 164.130, the trustee shall file a copy of the trust and an accounting of the assets of the trust with the court.
6. The provisions of chapters 162 to 167, inclusive, of NRS apply to a trust of which a court has jurisdiction.