1. Obligations of a custodial trustee, including, without limitation, the obligation to follow the directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property.
2. The custodial trustee’s acceptance may be evidenced by a writing stating in substance:
CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE
I, ____________ (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for _________ (name of beneficiary) under the Nevada Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Nevada Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is or becomes incapacitated. The custodial trust property consists of _________________________.
Dated:______________________
(Signature of Custodial Trustee)
3. Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
(Added to NRS by 2007, 286)
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.