1. After notice to the beneficiaries, the trustee of a trust that consists of trust property having a total value of less than $100,000 or that is uneconomical to administer may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. This subsection does not apply to an interested trustee.
2. The court may modify or terminate a trust, in accordance with NRS 163.185, or remove the trustee and appoint a different trustee if the court determines that the value of the trust property is insufficient to justify the cost of administration.
3. On termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
4. This section does not apply to a trust whose trust property includes an easement for conservation.
5. As used in this section:
(a) "Easement for conservation" has the meaning ascribed to it in NRS 111.410.
(b) "Interested trustee" means:
(1) An individual trustee to whom the net income or principal of the trust can currently be distributed or would be distributed if the trust were then to terminate and be distributed.
(2) Any trustee who may be removed and replaced by an interested distributee.
(3) An individual trustee whose legal obligation to support a beneficiary may be satisfied by distributions of income and principal of the trust.
(Added to NRS by 2015, 3541)
Structure Nevada Revised Statutes
NRS 163.0011 - "Electronic record" defined.
NRS 163.0013 - "Electronic signature" defined.
NRS 163.0015 - "Electronic trust" defined.
NRS 163.0016 - "Nontestamentary trust" defined.
NRS 163.0017 - "Record" defined.
NRS 163.0018 - "Testamentary trust" defined.
NRS 163.00185 - "Trust instrument" defined.
NRS 163.00187 - Terms: "Execute" or "sign."
NRS 163.0019 - Terms: "Writing" or "written."
NRS 163.00195 - Enforcement of no-contest clauses; exceptions.
NRS 163.002 - Creation: Methods; certain property deemed trust property.
NRS 163.003 - Creation: Requirements.
NRS 163.004 - Creation: Terms; revocability; rules of construction.
NRS 163.005 - Creation: Consideration.
NRS 163.006 - Creation: Beneficiary.
NRS 163.007 - Validity of trust providing for one or more successor beneficiaries.
NRS 163.0075 - Validity of trust providing for care of one or more animals.
NRS 163.008 - Validity of trust created in relation to real property; recordation.
NRS 163.009 - Oral trust of personal property.
NRS 163.023 - Powers of trustee.
NRS 163.025 - Combining or dividing certain trusts.
NRS 163.026 - Giving name to or changing name of certain trusts.
NRS 163.030 - Loan of money held in trust.
NRS 163.040 - Corporate trustee may deposit with self certain money held in trust.
NRS 163.050 - Trustee buying from or selling to self or affiliate.
NRS 163.060 - Trustee selling from one trust to self as trustee of another trust.
NRS 163.090 - Holding stock in name of nominee.
NRS 163.100 - Powers of trustee attached to office.
NRS 163.117 - Ex parte order restraining trustee from taking certain actions.
NRS 163.130 - Exoneration or reimbursement of trustee for tort.
NRS 163.150 - Withdrawal from mingled money of multiple trusts.
NRS 163.160 - Power of settlor; liability of trustee for breach of trust.
NRS 163.170 - Power of beneficiary.
NRS 163.190 - Penalty for violation of certain provisions of chapter.
NRS 163.200 - Uniformity of interpretation.
NRS 163.230 - Testamentary addition to trust.
NRS 163.250 - Uniformity of interpretation.
NRS 163.265 - Retention of property.
NRS 163.270 - Sale, exchange or other disposition of property.
NRS 163.275 - Investments; reinvestments; delegation of authority to invest.
NRS 163.280 - Investments without diversification.
NRS 163.285 - Continuation of business.
NRS 163.290 - Formation of corporation, limited-liability company or other entity.
NRS 163.295 - Continuation of farming operation.
NRS 163.300 - Management of real property.
NRS 163.305 - Payment of taxes and expenses.
NRS 163.310 - Receipt of additional property.
NRS 163.315 - Dealing with other fiduciaries.
NRS 163.320 - Borrowing money; renewing existing loans.
NRS 163.325 - Advancing money.
NRS 163.335 - Registration in name of nominee.
NRS 163.340 - Exercise of options, rights and privileges.
NRS 163.345 - Participation in reorganization.
NRS 163.350 - Reduction of interest rate.
NRS 163.355 - Continuation of obligation.
NRS 163.360 - Foreclosure; bidding in property.
NRS 163.375 - Litigation, compromise or abandonment of claim.
NRS 163.380 - Employment and compensation of persons.
NRS 163.385 - Acquisition and holding of property of two or more trusts undivided.
NRS 163.390 - Establishment and maintenance of reserves.
NRS 163.395 - Distribution in cash or kind.
NRS 163.400 - Payment to or for minor or incapacitated person.
NRS 163.405 - Apportionment or allocation of receipts and expenses.
NRS 163.410 - Execution of contract or other instrument.
NRS 163.4145 - "Beneficial interest" defined.
NRS 163.4147 - "Beneficiary" defined.
NRS 163.415 - "Distribution beneficiary" defined.
NRS 163.4155 - "Distribution interest" defined.
NRS 163.4157 - "Power of appointment" defined.
NRS 163.416 - "Remainder interest" defined.
NRS 163.4165 - "Reserved power" defined.
NRS 163.4185 - Classifications of distribution interests.
NRS 163.4187 - Support interest: Beneficiary has enforceable right to distribution; court review.
NRS 163.430 - Declaration of policy.
NRS 163.440 - References to Internal Revenue Code.
NRS 163.460 - "Charitable trust" defined.
NRS 163.470 - "Private foundation trust" defined.
NRS 163.480 - "Split interest trust" defined.
NRS 163.490 - "Trust" defined.
NRS 163.500 - "Trustee" defined.
NRS 163.520 - Prohibited acts.
NRS 163.530 - Minimum distribution required.
NRS 163.540 - Amendment of trust instrument: Procedure.
NRS 163.5505 - Creation; enforcement; requirements.
NRS 163.551 - Administration and enforcement; definitions.
NRS 163.5533 - "Custodial account" defined.
NRS 163.5535 - "Custodial account owner" defined.
NRS 163.5536 - "Directing trust adviser" defined.
NRS 163.5537 - "Distribution trust adviser" defined.
NRS 163.554 - "Fiduciary" defined.
NRS 163.5541 - "Instrument" defined.
NRS 163.5543 - "Investment trust adviser" defined.
NRS 163.5545 - "Trust adviser" defined.
NRS 163.5547 - "Trust protector" defined.
NRS 163.5548 - Circumstances under which fiduciary is "directed fiduciary."
NRS 163.5549 - Limitations on liability of directed fiduciary.
NRS 163.555 - Action authorized upon incapacity or death of settlor.
NRS 163.5551 - Circumstances in which trust advisers are considered fiduciaries.
NRS 163.5553 - Powers of trust protector.
NRS 163.5557 - Powers of investment trust adviser and distribution trust adviser.
NRS 163.5559 - Claims of creditors against settlor.
NRS 163.558 - Authority of settlor to specify conditions.
NRS 163.560 - Irrevocable trust not to be construed as revocable.
NRS 163.565 - Effect of divorce or annulment of marriage of settlor on revocable inter vivos trust.
NRS 163.570 - Powers of trustee concerning gifts made by surviving spouse of decedent.
NRS 163.580 - Duty of third person to ensure proper application of trust property.
NRS 163.600 - Appointment of successor trustee under certain circumstances.
NRS 163.620 - Admissibility of video recording or electronic record.