1.  A personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to the provisions of this chapter, in the absence of a will or under a will or trust that does not contain an authorization to do so.

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Terms Used In Nevada Revised Statutes 167.027

  • Adult: means a person who has attained the age of 18 years. See Nevada Revised Statutes 167.020
  • Conservator: means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor"s property or any other person legally authorized to perform substantially the same functions. See Nevada Revised Statutes 167.020
  • Court: means the district court. 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
  • 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
  • Transfer: means a transaction which creates custodial property in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
  • Trust company: means a financial institution, corporation or other legal entity authorized to exercise general trust powers. See Nevada Revised Statutes 167.020
  • Trustee: A person or institution holding and administering property in trust.

2.  A conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to the provisions of this chapter.

3.  A transfer made pursuant to this section may be made only if:

(a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;

(b) The transfer is not prohibited by or inconsistent with the provisions of the applicable will, trust agreement or other governing instrument; and

(c) The transfer is authorized by the court if it exceeds $10,000 in value.

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