Nevada Revised Statutes 167.025 – Transfer authorized in will or trust
1. A personal representative or trustee may make an irrevocable transfer pursuant to the provisions of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust.
Terms Used In Nevada Revised Statutes 167.025
- Custodial property: means :
(a) Any interest in property transferred to a custodian in a manner prescribed in this chapter; and
(b) The income from and the proceeds of that interest in property. See Nevada Revised Statutes 167.020
- Custodian: means a person so designated in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Minor: means a person who has not attained the age of 18 years. See Nevada Revised Statutes 167.020
- Person: means any natural person, corporation, organization or other legal entity. See Nevada Revised Statutes 167.020
- Personal representative: means an executor, administrator, successor personal representative or special administrator of a decedent"s estate or any other person legally authorized to perform substantially the same functions. See Nevada Revised Statutes 167.020
- Testator: A male person who leaves a will at death.
- Transfer: means a transaction which creates custodial property in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Trustee: A person or institution holding and administering property in trust.
2. If the testator or settlor has nominated a custodian to receive the custodial property, the transfer must be made to that person.
3. If the testator or settlor has not nominated a custodian, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind.