Nevada Revised Statutes 669A.223 – Designation of person to represent and bind beneficiary and receive information regarding trust; exceptions; limitation on liability
1. Except as otherwise provided in subsections 2 and 3, if specifically nominated in the trust instrument, one or more persons may be designated to represent and bind a beneficiary of a trust administered by a family trust company or licensed family trust company and to receive any notice, information, accounting or report regarding the trust. The trust instrument may also authorize any person or persons, other than a trustee, to designate one or more persons to represent and bind a beneficiary and to receive any notice, information, accounting or report.
Terms Used In Nevada Revised Statutes 669A.223
- 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
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
2. A person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, may not represent and bind a beneficiary while that person is serving as a trustee of that trust.
3. Notwithstanding any provision of law to the contrary, a person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, may not represent and bind a beneficiary if that person is also a beneficiary, unless that person is:
(a) Specifically nominated in the trust instrument;
(b) The beneficiary’s spouse; or
(c) A parent, grandparent or descendant of a grandparent of the beneficiary or the beneficiary’s spouse.
4. A person designated to represent and bind a beneficiary of a trust, as provided in subsection 1, is not liable to that beneficiary or his or her agent or successor for any acts or omissions made in good faith.