Nevada Revised Statutes 165.1201 – Applicability to testamentary trusts; general duties of trustee
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1. Except as otherwise provided in this chapter, the provisions of NRS 165.1204 apply to a testamentary trust.
Terms Used In Nevada Revised Statutes 165.1201
- Account: means a report of the financial condition of the trust estate prepared by a trustee which:
(1) Must include the information set forth in NRS 165. See Nevada Revised Statutes 165.020
- Trust: means :
(1) A trust as defined in NRS 163. See Nevada Revised Statutes 165.020
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes a nontestamentary trustee, a testamentary trustee and a corporate trustee, as well as a natural person. See Nevada Revised Statutes 165.020
2. Except as otherwise provided by the will creating a testamentary trust or by a court order, until the termination of a testamentary trust, the trustee shall account for the income and principal of a testamentary trust in the same manner as required by a trustee of a nontestamentary trust pursuant to NRS 165.1201 to 165.148, inclusive.