‘Unitrust’ means a trust in which a certain percentage of the annually assessed fair market value of the trust property is paid to a beneficiary of the trust.
Terms Used In Nevada Revised Statutes 452.023
- 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
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.