1. A person may create a custodial trust of property by a written transfer of the property to another person evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Nevada Uniform Custodial Trust Act.
2. A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Nevada Uniform Custodial Trust Act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
3. Title to custodial trust property is in the custodial trustee, and the beneficial interest is in the beneficiary.
4. Except as otherwise provided in subsection 5, a transferor may not terminate a custodial trust.
5. The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
6. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
7. The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
8. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.
(Added to NRS by 2007, 285)
Structure Nevada Revised Statutes
Chapter 166A - Custodial Trusts (Uniform Act)
NRS 166A.030 - Adult" defined.
NRS 166A.040 - Beneficiary" defined.
NRS 166A.050 - Conservator" defined.
NRS 166A.060 - Court" defined.
NRS 166A.070 - Custodial trust property" defined.
NRS 166A.080 - Custodial trustee" defined.
NRS 166A.090 - Guardian" defined.
NRS 166A.100 - Incapacitated" defined.
NRS 166A.110 - Legal representative" defined.
NRS 166A.120 - Member of the beneficiary’s family" defined.
NRS 166A.130 - Person" defined.
NRS 166A.140 - Personal representative" defined.
NRS 166A.150 - State" defined.
NRS 166A.160 - Transferor" defined.
NRS 166A.170 - Trust company" defined.
NRS 166A.180 - Custodial trust; general.
NRS 166A.190 - Custodial trustee for future payment or transfer.
NRS 166A.200 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
NRS 166A.210 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
NRS 166A.220 - Multiple beneficiaries; separate custodial trusts; survivorship.
NRS 166A.230 - General duties of custodial trustee.
NRS 166A.240 - General powers of custodial trustee.
NRS 166A.250 - Use of custodial trust property.
NRS 166A.260 - Determination of incapacity; effect.
NRS 166A.270 - Exemption of third person from liability.
NRS 166A.280 - Liability to third person.
NRS 166A.300 - Expenses, compensation and bond of custodial trustee.
NRS 166A.320 - Limitations of action against custodial trustee.
NRS 166A.330 - Distribution on termination.
NRS 166A.340 - Methods and forms for creating custodial trusts.