Revises provisions relating to personal financial administration. (BDR 12-901)

- 83rd Session (2025)
Senate Bill No. 404–Committee on Judiciary

CHAPTER..........

AN ACT relating to personal financial administration; revising
certain terms and provisions relating to the administration of
trusts and estates; making certain technical corrections
relating to the administration of trusts and estates; revising
provisions governing the appo intment of an administrator of
an intestate estate of a decedent; requiring certain personal
representatives to submit certain information under the
Independent Administration of Estates Act; requiring a court
to give certain preferences when determining w hether to
revoke the authority of a personal representative; increasing
certain monetary amounts relating to the administration of
estates; revising certain periods of limitation for commencing
certain civil actions; authorizing a trustee to make certain
distributions under certain circumstances; repealing certain
provisions relating to the administration of estates; and
providing other matters properly relating thereto.
Legislative Counsel’s Digest:
Existing law governs the administration of trusts and estates. (Titles 12 and 13
of NRS) Sections 1, 1.1, 1.3, 1.6, 4, 5, 11 and 17 of this bill revise certain terms
and make technical corrections relating to the administration of trusts and estates.
Existing law sets forth an order of priority for the appointment of an
administrator to administrate the intestate estate of a decedent and authorizes any
person legally qualified to serve as the administrator. (NRS 139.040) Section 1.2 of
this bill: (1) revises the order of priority for the appointment of an administrator to
administrate the intestate estate of a decedent; (2) provides that a person may be
legally qualified to serve as an administrator upon a finding of good cause based on
certain evidence ; and (3) authorizes the court to appoint certain persons under
certain circumstances. Section 1.5 of this bill makes a conforming change to an
internal reference caused by the revisions relating to the order of priority and
appointment in section 1.2. Section 1.4 of this bill authorizes a court to appoint one
or more persons to serve as personal representative or appoint an independent
representative under certain circumstances.
Existing law establishes the Independent Administration of Estates Act, which
allows a personal representative to administer most aspects of the estate of a
decedent without court supervision. (NRS 143.300 -143.815) Section 2 of this bill
provides that only a personal representative who is named in the will or certain
other persons who meet the criteria to be legally qualified as an administrator of an
intestate estate may administer an estate. Existing law authorizes any interested
person to petition for modification or revocation of the authority of a personal
representative. (NRS 143. 360) Section 3 of this bill requires the court, when
determining whether to revoke the authority of a personal representative, to give
preference to any interested person based on the order of priority set forth for the
appointment of an administrator for an intestate estate.
Under existing law, a court is authorized to enter an order for the summary
administration of an estate if the court deems summary administration advisable
and the gross value of the estate does not exceed $300,000 , after deducting an y

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encumbrances. (NRS 145.040) Sections 6 and 7 of this bill increase that amount to
$500,000.
Sections 8 and 9 of this bill increase the monetary amount for an estate to be
set aside without administration from $100,000 to $150,000. Section 10 of this bill
makes a con forming change to similarly increase the affidavit of entitlement limit
for a surviving spouse.
Existing law requires certain civil actions to recover damages from another
person to be commenced within certain periods. (NRS 11.190) Section 12 of this
bill provides that an action against certain persons based on a breach of fiduciary
duty, not involving fraud or intentional misrepresentation, must be commenced
within 2 years.
Section 18 of this bill authorizes a trustee to make an outright distribution to a
beneficiary without requiring the trustee to first create a new trust under certain
circumstances. Section 19 of this bill makes a conforming change to indicate that
certain terms apply to the outright distribution.
Section 20 of this bill grants a trustee the power to reimburse a settlor for tax
payments. Section 21 of this bill requires certain documentation to be provided to
beneficiaries of a trust. Section 22 of this bill specifies the circumstances under
which the laws of this State govern the administration of a trust. Section 23 of this
bill provides for the circumstances under which an account must be deemed
approved and final by a trust adviser or trust protector.
Section 32 of this bill repeals the provisions of existing law which set forth a
preference for relatives of the whole blood over relatives of the half blood for
certain purposes relating to the administration of an estate.

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. NRS 132.115 is hereby amended to read as follows:
132.115 “Distributee” means a person who has received , or
has the right to receive, property of a decedent from the decedent’s
personal representative other than as a creditor or purchaser. A
testamentary trustee is a distributee only to the extent of distributed
assets or increment thereto remaining in his or her hands. A
beneficiary of a testamentary trust to whom the trustee has
distributed property received from a personal representative is a
distributee of the pers onal representative. As used in this section,
“testamentary trustee” includes a trustee to whom assets are
transferred by will to the extent of the devised assets.
Sec. 1.1. NRS 136.150 is hereby amended to read as follows:
136.150 1. If no person appears to contest the probate of a
will, the court may admit it to probate on the testimony of only one
of the subscribing witnesses, if that testimony shows that the will
was executed in all particulars as required by law, a nd that the

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testator was of sound mind and had attained the age of 18 years at
the time of its execution.
2. [An ex parte ] A filed affidavit of the witness, showing that
the will was executed in all particulars as required by law, and that
the testator was of sound mind and had attained the age of 18 years
at the time of its execution, must be received in evidence and has the
same force and effect as if the witness were present and testified
orally.
Sec. 1.2. NRS 139.040 is hereby amended to read as follows:
139.040 1. [Administration] Except as otherwise provided in
subsection 5, administration of the intestate estate of a decedent
must be granted to one or more of the persons mentioned in this
section, and they are respectively entitled to priority for appointment
in the following order:
(a) The surviving spouse.
(b) The children.
(c) The grandchildren.
(d) Other issue.
(e) A parent.
[(d) The brother or the sister.
(e) The grandchildren.]
(f) A sibling.
(g) Any other of the kindred entitled to share in the distribution
of the estate.
[(g)] (h) The public administrator or a person employed or
contracted with pursuant to NRS 253.125, as applicable.
[(h)] (i) Creditors who have become such during the lifetime of
the decedent.
[(i)] (j) Any of the kindred not above enumerated, within the
fourth degree of consanguinity.
[(j)] (k) Any person [or persons ] who is legally qualified [.]
upon a finding of good cause. Such a finding must be based on
evidence, including, without limitation:
(1) An affidavit of due diligence to find any living heir,
including, without limitation:
(I) A report from an heir finder, as defined in NRS
139.135; and
(II) Proof of service via certified mail to all potential
heirs identified pursuant to sub-subparagraph (I); and
(2) A statement of the qualifications of the person seeking
appointment.
2. If any heir who is otherwise entitled to appointment is a
minor, the court may appoint the custodial parent or legal

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guardian of the minor as administrator. The custodial parent or
legal guardian has the same priority for appointment as the minor.
3. If any heir who is otherwise entitled to appointment is an
incapacitated person, the court may appoint the guardian or
equivalent fiduciary as administrator. The guardian or equivalent
fiduciary has the same priority for appointment as the
incapacitated person.
4. A person in each of the foregoing classes is entitled:
(a) To appointment, if the person is:
(1) A resident of the State of Nevada or the person:
(I) Associates as coadministrator a resident of the State of
Nevada or a banking corporation authorized to do business in this
State; or
(II) Is named as personal representative in the will if the
will is the subject of a pending petition for probate, and the court in
its discretion believes it would be appropriate to make such an
appointment; or
(2) A banking corporation which is authorized to do business
in this State or which:
(I) Associates as coadministrator a resident of the State of
Nevada or a banking corporation authorized to do business in this
State; or
(II) Is named as personal representative in the will if the
will is the subject of a pending petition for probate, and the court in
its discretion believes it would be appropriate to make such an
appointment.
(b) To nominate a resident of the State of Nevada or a qualified
banking corporation for appointment, whether or not the nominator
is a resident of the State of Nevada or a qualified banking
corporation. The nominee has the same priority as the nominator.
That priority is independent of the residence or corporate
qualification of the nominator.
[3. If any heir who is other wise entitled to appointment is a
minor or an incapacitated person for whom a guardian has been
appointed, the court may appoint the guardian of the minor or
incapacitated person as administrator.]
5. If there is no surviving spouse, the court may, in it s
discretion:
(a) Disregard the order of priority set forth in subsection 1 to
favor the appointment of an heir or the nominee of an heir, or
group of heirs, who have an equal or larger interest in the estate
than the heir entitled to priority for appointment; or
(b) Appoint an independent personal representative.

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Sec. 1.3. NRS 139.050 is hereby amended to read as follows:
139.050 Administration may be granted upon petition to one or
more qualified persons, although no t otherwise entitled to serve, at
the written request of the person entitled, filed in the court. The
qualified person making the written request must provide his or her
current address [and telephone number ] in the written request [.]
and be given notice of the hearing. Failure to provide such
information voids the written request.
Sec. 1.4. NRS 139.070 is hereby amended to read as follows:
139.070 When there are several persons equally entitled to [the
administration,] appointment as personal representative, the court
may, in its discretion, [grant letters to] appoint one or more of them
[.] to serve as personal representative or appoint an independent
representative.
Sec. 1.5. NRS 139.090 is hereby amended to read as follows:
139.090 1. A petition for letters of administration must be in
writing, signed by the petitioner or the attorney for the petitioner
and filed with the clerk of the court, and must state:
(a) The jurisdictional facts;
(b) The names and addresses of the heirs of the decedent and
their relationship to the decedent, so far as known to the petitioner,
and the age of any who is a minor;
(c) The character and estimated value of the property of the
estate;
(d) The names and personal addresses of the proposed appointed
administrators and the name and personal address of any associated
coadministrator under paragraph (a) of subsection [2] 4 of NRS
139.040 or, if the coadministrator is an attorney who is licensed in
this State or a banking corporation authorized to do business in this
State, the business address of the coadministrator; and
(e) Whether the person to be appointed as administrator has
been convicted of a felony.
2. No defect of form or in the statement of jurisdictional facts
actually existing voids an order appointing an administrator or any
of the subsequent proceedings.
Sec. 1.6. NRS 139.110 is hereby amended to read as follows:
139.110 An interested person may contest the petition by filing
a written opposition on the ground that the petitioner is not qualified
or may assert the contestant’s own right to [the administration ]
appointment and request that letters be issued to the contestant [.] or
nominee. In the latter case, the contestant or nominee must file a
petition and give the notice required for the original petition, and the
court must hear the [two] competing petitions together.

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Sec. 2. NRS 143.340 is hereby amended to read as follows:
143.340 1. To obtain authority to administer the estate
pursuant to NRS 143.300 to 143.815, inclusive, the personal
representative must petition the court for that authority in a petition
for appointment of the personal representative or in a separate
petition filed in the estate proceedings.
2. Only a personal representative who is named in the will or
a person described in paragraphs (a) to (g) inclusive, of subsection
1 of NRS 139.040 may be granted authority to administer the
estate pursuant to NRS 143.300 to 143.815, inclusive. All other
persons who are legally qualified to serve as the personal
representative may not be granted authority to administer the
estate pursuant to NRS 143.300 to 143.815, inclusive.
3. The personal representative may request either of the
following:
(a) Full authority to administer the estate pursuant to NRS
143.300 to 143.815, inclusive; or
(b) Limited authority to administer the estate pursuant to NRS
143.300 to 143.815, inclusive.
Sec. 3. NRS 143.360 is hereby amended to read as follows:
143.360 1. Any interested person may file a petition
requesting that the court make either of the following orders:
(a) An order revoking the authority of the personal
representative to continue administration of the estate pursuant to
NRS 143.300 to 143.815, inclusive; or
(b) An order revoking the full authority of the personal
representative to administer the estate pursuant to NRS 143.300 to
143.815, inclusive, and granting the personal representative limited
authority to administer the estate pursuant to NRS 143.300 to
143.815, inclusive.
2. The petition must set forth the basis for the requested order.
3. The petitioner shall give notice for the period and in the
manner provided in NRS 155.010.
4. In determining whether to revoke the authority of the
personal representative as described in subsection 1, the court
shall give preference to any interested person based on the order
of priority set forth in subsection 1 of NRS 139.040.
5. If the court determines that good cause has been shown, the
court shall make an order revoking the authority of the personal
representative to continue administration of the estate pursuant to
NRS 143.300 to 143.815, incl usive. Upon the making of the order,
new letters must be issued without the authority to act pursuant to
NRS 143.300 to 143.815, inclusive.

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[5.] 6. If the personal representative was granted full authority
and the court determines that good cause has bee n shown, the court
shall make an order revoking the full authority and granting the
personal representative limited authority. Upon the making of the
order, new letters must be issued indicating whether the personal
representative is authorized to act purs uant to NRS 143.300 to
143.815, inclusive, and, if so authorized, whether the independent
administration authority includes or excludes the power to do any of
the following:
(a) Sell real property;
(b) Exchange real property;
(c) Grant an option to purchase real property; or
(d) Borrow money with the loan secured by an encumbrance
upon real property.
Sec. 4. NRS 144.010 is hereby amended to read as follows:
144.010 1. Except as otherwise provided in this section,
every personal representative shall prepare and file with the clerk a
true inventory and appraisement or record of value of all the assets
of the decedent that have come to the possession or knowledge of
the personal representative, within 120 days after t he issuance of
letters , [of administration, ] unless the court extends the time for
good cause shown. The requirement of preparing and filing an
inventory or an appraisement or a verified record of value, or both,
may be waived by the unanimous written con sent of all interested
persons.
2. Notwithstanding the provisions of this section, an interested
person may provide a written request to the personal representative
at any time 60 days or more after the issuance of letters [of
administration] which seeks a list of the assets of the estate known
to the personal representative. The personal representative shall
provide such information to the requesting interested party within 10
days after receipt of the written request.
3. Unless an interested heir requ ested and was provided a list
of assets pursuant to subsection 2, the personal representative,
within 10 days after filing the inventory with the clerk, shall mail a
copy to all the interested heirs of an intestate estate, or to the
devisees of a testate e state, or to both interested heirs and devisees,
if a contest of the will of the decedent is pending. Proof of the
mailing of the copies must be made and filed in the proceeding.
4. Notwithstanding the requirements set forth in this section, a
personal representative may file a redacted inventory to protect the
decedent or his or her estate or an interested person. Such an
inventory may redact any account numbers, social security numbers

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and values. Upon request by the court or an interested person, the
personal representative shall make the full inventory without
redaction available for inspection.
5. This section must not be construed to interfere with the
authority of a court to order a personal representative to provide the
court with information suf ficient to identify the assets of an estate
and the value thereof that is subject to probate administration,
including, without limitation, requiring the personal representative
to submit an inventory to the court in camera, as the court deems
necessary and appropriate.
Sec. 5. NRS 145.030 is hereby amended to read as follows:
145.030 Notice of a petition for [the] probate [of a will ] and
the issuance of letters must be given as provided in NRS [155.010.]
155.020.
Sec. 6. NRS 145.040 is hereby amended to read as follows:
145.040 If it is made to appear to the court that the gross value
of the estate, after deducting any encumbrances, does not exceed
[$300,000,] $500,000, the court may, if deemed advisable
considering the nature, character and obligations of the estate, enter
an order for a summary administration of the estate.
Sec. 7. NRS 145.110 is hereby amended to read as follows:
145.110 If at any time after the entry of an order for the
summary administration of an estate it appears that the gross value
of the estate, after deducting any encumbrances, exceeds [$300,000]
$500,000 as of the death of the decedent, the personal representative
shall petition the court for an order revoking summary
administration. The court may, if deemed advisable considering the
nature, character and obligations of the estate, provide in its order
revoking summary administration that regular administr ation of the
estate may proceed unabated upon providing such portions of the
regular proceedings and notices as were dispensed with by the order
for summary administration.
Sec. 8. NRS 146.020 is hereby amended to read as follows:
146.020 1. The court, on its own motion or upon petition by
an interested person, may, if deemed advisable considering the
needs and resources of the surviving spouse, minor child or minor
children, set apart for the use of the surviving spouse, minor child or
minor children of the decedent all of the personal property which is
exempt by law from execution, and shall , in accordance with NRS
146.050, set apart the homestead, as designated by the general
homestead law then in force, whether the homestead has theretofore
previously been selected as required by law or not, and the property
thus set apart is not subject to administration.

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2. If, after s etting apart the property pursuant to subsection 1,
the remaining assets of the estate do not exceed [$100,000]
$150,000 and may be set aside without administration pursuant to
NRS 146.070, the court shall set aside the remaining assets of the
estate without administration pursuant to the procedure set forth in
NRS 146.070. The court may consider at the same time a petition
made pursuant to subsection 1 and a petition to set aside the
remaining assets of the estate without administration pursuant to
NRS 146.070.
3. If, after setting apart the property pursuant to subsection 1,
the remaining assets of the estate exceed [$100,000] $150,000 and
may not be set aside without administration pursuant to NRS
146.070, the court shall administer the remaining assets of the estate
pursuant to this title as if the remaining assets of the estate are the
only assets of the estate. If the petition to set apart property pursuant
to subsection 1 is made in the initial petition, the court shall consider
only the value of the remaining assets of the estate not set apart
pursuant to subsection 1 for the purpose of ordering summary
administration pursuant to chapter 145 of NRS.
Sec. 9. NRS 146.070 is hereby amended to read as follows:
146.070 1. All or part of the estate of a decedent may be set
aside without administration by the order of the court as follows:
(a) If the value of a decedent’s estate does not exceed
[$100,000,] $150,000, the estate may be set aside without
administration by the order of the court; or
(b) If a decedent’s will directs that all or part of the decedent’s
estate is to be distributed to the trustee of a nontestamentary trust
established by the decedent and in existence at the decedent’s death,
the portion of the estate subject to such direction may be set aside
without administration. Any portion of a decedent’s estate set aside
to the nontestamentary trust pursuant to this paragraph is subject to
creditors of the estate unless the petitioner provides proof to the
court that the trustee has published or mailed the requisite notice to
such creditors on behalf of the nontestamentary trust and settlor
pursuant to NRS 164.025.
2. Except as otherwise provided in subsection 3, the whole
estate set aside pursuant to par agraph (a) of subsection 1 must be
assigned and set apart in the following order:
(a) To the payment of the petitioner’s attorney’s fees and costs
incurred relative to the proceeding under this section;
(b) To the payment of funeral expenses, expenses of last illness,
money owed to the Department of Health and Human Services as a

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result of payment of benefits for Medicaid and creditors, if there are
any;
(c) To the payment of other creditors, if any; and
(d) Any balance remaining to the claimant or clai mants entitled
thereto pursuant to a valid will of the decedent, and if there is no
valid will, pursuant to intestate succession in accordance with
chapter 134 of NRS.
3. If the value of the estate does not exceed [$100,000]
$150,000 and the decedent is survived by a spouse or one or more
minor children, the court must set aside the estate for the benefit of
the surviving spouse or the minor child or minor children of the
decedent, subject to any reduction made pursuant to subsection 4 or
5. The court may allocate the entire estate to the surviving spouse,
the entire amount to the minor child or minor children, or may
divide the estate among the surviving spouse and minor child or
minor children.
4. As to any amount set aside to or for the benefit of the
surviving spouse or minor child or minor children of the decedent
pursuant to subsection 3, the court must set aside the estate without
the payment of creditors except as the court finds necessary to
prevent a manifest injustice.
5. To prevent an injust ice to creditors when there are
nonprobate transfers that already benefit the surviving spouse or
minor child or minor children of the decedent, the court has the
discretion to reduce the amount set aside under subsection 3 to the
extent that the value of the estate, when combined with the value of
nonprobate transfers, as defined in NRS 111.721, from the decedent
to or for the benefit of the surviving spouse or minor child or minor
children of the decedent exceeds [$100,000.] $150,000.
6. In exercising the discretion granted in this section, the court
shall consider the needs and resources of the surviving spouse and
minor child or minor children, including any assets received by or
for the benefit of the surviving spouse or minor child or minor
children from the decedent by nonprobate transfers.
7. For the purpose of this section, a nonprobate transfer from
the decedent to one or more trusts or custodial accounts for the
benefit of the surviving spouse or minor child or minor children
shall be considered a transfer for the benefit of such spouse or minor
child or minor children.
8. Proceedings taken under this section must not begin until at
least 30 days after the death of the decedent and must be originated
by a petition containing:
(a) A specific description of all property in the decedent’s estate;

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(b) A list of all known liens and encumbrances against estate
property at the date of the decedent’s death, with a description of
any that the petitioner believes may be unenforceable;
(c) [An] In the case of a petition brought pursuant to
paragraph (a) of subsection 1, an estimate of the value of the
property, together with an explanation of how the estimated value
was determined;
(d) A statement of the debts of the decedent so far as known to
the petitioner;
(e) The names and residences of the heirs and devisees of the
decedent and the age of any who is a minor and the relationship of
the heirs and devisees to the decedent, so far as known to the
petitioner; and
(f) If the decedent left a will, a s tatement concerning all
evidence known to the petitioner that tends to prove that the will is
valid.
9. If the petition seeks to have the estate set aside for the
benefit of the decedent’s surviving spouse or minor child or minor
children without payment to creditors, the petition must also
contain:
(a) A specific description and estimated value of property
passing by one or more nonprobate transfers from the decedent to
the surviving spouse or minor child or minor children; or
(b) An allegation that the estimated value of the property sought
to be set aside, combined with the value of all nonprobate transfers
from the decedent to the surviving spouse or minor child or minor
children who are seeking to receive property pursuant t o this
section, is less than [$100,000.] $150,000.
10. When property is distributed pursuant to an order granted
under this section, the court may allocate the property on a pro rata
basis or a non-pro rata basis.
11. The clerk shall set the petition for hearing and the
petitioner shall give notice of the petition and hearing in the manner
provided in NRS 155.010 to the decedent’s heirs and devisees and
to the Director of the Department of Health and Human Services. If
a complete copy of the petition i s not enclosed with the notice, the
notice must include a statement setting forth to whom the estate is
being set aside.
12. No court or clerk’s fees may be charged for the filing of
any petition in, or order of court thereon, or for any certified copy of
the petition or order in an estate not exceeding $2,500 in value.

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13. At the hearing on a petition under this section, the court
may require such additional evidence as the court deems necessary
to make the findings required under subsection 14.
14. The order granting the petition shall include:
(a) The court’s finding as to the validity of any will presented;
(b) [The] In the case of a petition brought pursuant to
paragraph (a) of subsection 1, the court’s finding as to the value of
the estate and, if relevant for the purposes of subsection 5, the value
of any property subject to nonprobate transfers;
(c) The court’s determination of any property set aside under
subsection 2;
(d) The court’s determination of any property set aside under
subsection 3, including, without limitation, the court’s determination
as to any reduction made pursuant to subsection 4 or 5; and
(e) The name of each distributee and the property to be
distributed to the distributee.
15. As to the distribution of the share of a minor child set aside
pursuant to this section, the court may direct the manner in which
the money may be used for the benefit of the minor child as is
deemed in the court’s discretion to be in the best interests of the
minor child, and the distribution o f the minor child’s share shall be
made as permitted for the minor child’s share under the terms of the
decedent’s will or to one or more of the following:
(a) A parent of such minor child, with or without the filing of
any bond;
(b) A custodian under chapter 167 of NRS; or
(c) A court -appointed guardian of the estate, with or without
bond.
16. The court, upon request of a petitioner under this section
and upon such terms and conditions the court deems advisable to
protect any interested person of the estate:
(a) May order that any asset assigned and set apart pursuant to
subsection 2 be distributed first to a designated person who resides
in this State and is otherwise qualified pursuant to NRS 139.010;
(b) May order the designated person to distrib ute the assets to
the person or persons entitled thereto; and
(c) Shall retain jurisdiction to enforce its orders until the
designated person demonstrates to the court, by the production of
satisfactory receipts, that all sums of money due and all the property
of the estate has been distributed to the persons entitled thereto and
all acts lawfully required have been performed.
17. For the purposes of this section, the value of property must
be the fair market value of that property, reduced by the value of all

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enforceable liens and encumbrances. Property values and the values
of liens and encumbrances must be determined as of the date of the
decedent’s death.
Sec. 10. NRS 146.080 is hereby amended to read as follows:
146.080 1. If a decedent leaves no real property, nor interest
therein, nor mortgage or lien thereon, in this State, and the gross
value of the decedent’s property in this State, over and above any
amounts due to the decedent for services in the Armed Fo rces of the
United States and the value of any motor vehicles registered to the
decedent, does not exceed the applicable amount, a person who has
a right to succeed to the property of the decedent pursuant to the
laws of succession for a decedent who died intestate or pursuant to
the valid will of a decedent who died testate, on behalf of all persons
entitled to succeed to the property claimed, or the Director of the
Department of Health and Human Services or, as applicable, the
public administrator or a pe rson employed or contracted with
pursuant to NRS 253.125, on behalf of the State or others entitled to
the property, may, 40 days after the death of the decedent, without
procuring letters of administration or awaiting the probate of the
will, collect any money due the decedent, receive the property of the
decedent, and have any evidences of interest, indebtedness or right
transferred to the claimant upon furnishing the person,
representative, corporation, officer or body owing the money,
having custody of the property or acting as registrar or transfer agent
of the evidences of interest, indebtedness or right, with an affidavit
showing the right of the affiant or affiants to receive the money or
property or to have the evidence transferred.
2. An affidavit made pursuant to this section must state:
(a) The affiant’s name and address, and that the affiant is
entitled by law to succeed to the property claimed;
(b) The date and place of death of the decedent;
(c) That the gross value of the decedent’s prope rty in this State,
except amounts due the decedent for services in the Armed Forces
of the United States or the value of any motor vehicles registered to
the decedent, does not exceed the applicable amount, and that the
property does not include any real p roperty nor interest therein, nor
mortgage or lien thereon;
(d) That at least 40 days have elapsed since the death of the
decedent, as shown in a certified copy of the certificate of death of
the decedent attached to the affidavit;
(e) That no petition f or the appointment of a personal
representative is pending or has been granted in any jurisdiction;

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(f) That all debts of the decedent, including funeral and burial
expenses, and money owed to the Department of Health and Human
Services as a result of the payment of benefits for Medicaid, have
been paid or provided for;
(g) A description of the personal property and the portion
claimed;
(h) That the affiant has given written notice, by personal service
or by certified mail, identifying the affiant’s clai m and describing
the property claimed, to every person whose right to succeed to the
decedent’s property is equal or superior to that of the affiant, and
that at least 14 days have elapsed since the notice was served or
mailed;
(i) That the affiant is per sonally entitled, or the Department of
Health and Human Services is entitled, to full payment or delivery
of the property claimed or is entitled to payment or delivery on
behalf of and with the written authority of all other successors who
have an interest in the property;
(j) That the affiant has no knowledge of any existing claims for
personal injury or tort damages against the decedent; and
(k) That the affiant acknowledges an understanding that filing a
false affidavit constitutes a felony in this State.
3. If the affiant:
(a) Submits an affidavit which does not meet the requirements
of subsection 2 or which contains statements which are not entirely
true, any money or property the affiant receives is subject to all
debts of the decedent.
(b) Fails to give notice to other successors as required by
subsection 2, any money or property the affiant receives is held by
the affiant in trust for all other successors who have an interest in
the property.
4. A person who receives an affidavit containing t he
information required by subsection 2 is entitled to rely upon that
information, and if the person relies in good faith, the person is
immune from civil liability for actions based on that reliance.
5. Upon receiving proof of the death of the decedent and an
affidavit containing the information required by this section:
(a) A transfer agent of any security shall change the registered
ownership of the security claimed from the decedent to the person
claiming to succeed to ownership of that security.
(b) A governmental agency required to issue certificates of title,
ownership or registration to personal property shall issue a new
certificate of title, ownership or registration to the person claiming
to succeed to ownership of the property. The government al agency

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may not refuse to accept an affidavit containing the information
required by this section, regardless of the form of the affidavit.
6. If any property of the estate not exceeding the applicable
amount is located in a state which requires an ord er of a court for
the transfer of the property, or if the estate consists of stocks or
bonds which must be transferred by an agent outside this State, any
person qualified pursuant to the provisions of subsection 1 to have
the stocks or bonds or other prop erty transferred may do so by
obtaining a court order directing the transfer. The person desiring
the transfer must file a petition, which may be ex parte, containing:
(a) A specific description of all the property of the decedent.
(b) A list of all the liens and mortgages of record at the date of
the decedent’s death.
(c) An estimate of the value of the property of the decedent.
(d) The names, ages of any minors and residences of the
decedent’s heirs and devisees.
(e) A request for the court to issue an order directing the transfer
of the stocks or bonds or other property if the court finds the gross
value of the estate does not exceed the applicable amount.
(f) An attached copy of the executed affidavit made pursuant to
subsection 2.
 If the court f inds that the gross value of the estate does not
exceed the applicable amount and the person requesting the transfer
is entitled to it, the court may enter an order directing the transfer.
7. As used in this section, “applicable amount” means:
(a) If th e claimant is the surviving spouse of the decedent,
[$100,000.] $150,000.
(b) For any other claimant, $25,000.
Sec. 11. NRS 155.020 is hereby amended to read as follows:
155.020 1. Notice of a petition for [the] probate [of a will ]
and the issuance of letters and the notice to creditors must be given
to:
(a) The persons respectively entitled thereto, including the
Director of the Department of Health and Human Services, as
provided in NRS 155.010; and
(b) The public, including creditors whose names and addresses
are not readily ascertainable, by publication on three dates of
publication before the hearing, and if the newspaper is published
more than once each week, there must be at least 10 days from the
first t o last dates of publication, including both the first and last
days.
2. Every publication required by this section must be made in a
newspaper published in the county where the proceedings are

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pending, but if there is not such a newspaper, then in one having
general circulation in that county.
3. The notice of the hearing upon the petition to administer the
estate must be in substantially the following form:

NOTICE OF THE HEARING UPON THE PETITION TO
ADMINISTER THE ESTATE

Notice is hereby given that ................................ has filed
in this court a petition for [the] probate [of a will ] and for
letters testamentary, or for letters of administration, of the
estate of ................................, deceased, and a hearing has
been set f or the .......... day of the month of................, of the
year......, at .......... (a.m. or p.m.) at the courthouse of the
above-entitled court. All persons interested in the estate are
notified to appear and show cause why the petition should not
be granted.
Dated ...............................

4. As soon as practicable after appointment, a personal
representative shall, in addition to publishing the notice to creditors,
mail a copy of the notice to those creditors whose names and
addresses are readily ascertainable as of the date of first publication
of the notice and who have not already filed a claim. The notice
must be in substantially the following form:

NOTICE TO CREDITORS

Notice is hereby given that the undersigned has been
appointed and qualified by the (giving the title of the court
and the date of appointment) as personal representative of the
estate of ................................, deceased. All creditors having
claims against the estate are required to file the claims with
the clerk of the court within ...... .... (60 or 90) days after the
mailing or the first publication (as the case may be) of this
notice.
Dated ...............................

5. If before the last day for the filing of a creditor’s claim under
NRS 147.040, the personal representative discovers the existence of
a cred itor who was not readily ascertainable at the time of first
publication of the notice to creditors, the personal representative
shall immediately mail a copy of the notice to the creditor.

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Sec. 12. NRS 11.190 is hereby amended to read as follows:
11.190 Except as otherwise provided in NRS 40.4639,
125B.050 and 217.007, actions other than those for the recovery of
real property, unless further limited by specific statute, may only be
commenced as follows:
1. Within 6 years:
(a) Except as otherwise provided in NRS 62B.420 and 176.275,
an action upon a judgment or decree of any court of the United
States, or of any state or territory within the United States, or the
renewal thereof.
(b) An action upon a contract, obligation or liability founded
upon an instrument in writing, except those mentioned in the
preceding sections of this chapter.
2. Within 4 years:
(a) An action on an open account for goods, wares and
merchandise sold and delivered.
(b) An action for any article charged on an account in a store.
(c) An action upon a contract, obligation or liability not founded
upon an instrument in writing.
(d) Except as otherwise provided in NRS 11.245, an action
against a person alleged to have committed a decepti ve trade
practice in violation of NRS 598.0903 to 598.0999, inclusive, but
the cause of action shall be deemed to accrue when the aggrieved
party discovers, or by the exercise of due diligence should have
discovered, the facts constituting the deceptive trade practice.
3. Within 3 years:
(a) An action upon a liability created by statute, other than a
penalty or forfeiture.
(b) An action for waste or trespass of real property, but when the
waste or trespass is committed by means of underground works
upon any mining claim, the cause of action shall be deemed to
accrue upon the discovery by the aggrieved party of the facts
constituting the waste or trespass.
(c) An action for taking, detaining or injuring personal property,
including actions for specific r ecovery thereof, but in all cases
where the subject of the action is a domestic animal usually included
in the term “livestock,” which has a recorded mark or brand upon it
at the time of its loss, and which strays or is stolen from the true
owner without t he owner’s fault, the statute does not begin to run
against an action for the recovery of the animal until the owner has
actual knowledge of such facts as would put a reasonable person
upon inquiry as to the possession thereof by the defendant.

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(d) Except as otherwise provided in NRS 112.230 and 166.170,
an action for relief on the ground of fraud or mistake, but the cause
of action in such a case shall be deemed to accrue upon the
discovery by the aggrieved party of the facts constituting the fraud
or mistake.
(e) An action pursuant to NRS 40.750 for damages sustained by
a financial institution or other lender because of its reliance on
certain fraudulent conduct of a borrower, but the cause of action in
such a case shall be deemed to accrue upon the disc overy by the
financial institution or other lender of the facts constituting the
concealment or false statement.
(f) An action pursuant to NRS 41.1335, but the cause of action
shall be deemed to accrue upon the discovery by the aggrieved party
of the facts constituting fertility fraud or of any medical or genetic
disorder which results from the human reproductive material
implanted in, used on or provided to a patient in violation of NRS
200.975, whichever occurs later.
4. Within 2 years:
(a) An act ion against a sheriff, coroner or constable upon
liability incurred by acting in his or her official capacity and in
virtue of his or her office, or by the omission of an official duty,
including the nonpayment of money collected upon an execution.
(b) An action upon a statute for a penalty or forfeiture, where the
action is given to a person or the State, or both, except when the
statute imposing it prescribes a different limitation.
(c) An action for libel, slander, assault, battery, false
imprisonment or seduction.
(d) An action against a sheriff or other officer for the escape of a
prisoner arrested or imprisoned on civil process.
(e) Except as otherwise provided in NRS 11.215 or 11.217, an
action to recover damages for injuries to a person or for th e death of
a person caused by the wrongful act or neglect of another. The
provisions of this paragraph relating to an action to recover damages
for injuries to a person apply only to causes of action which accrue
after March 20, 1951.
(f) An action to recover damages under NRS 41.740.
(g) Except as otherwise provided in NRS 165.1214, absent
fraud or intentional misrepresentation, an action to recover for
breach of fiduciary duty against a fiduciary , as de fined in NRS
163.554, who resides in this State or a trust company as described
in chapter 669 or 669A of NRS that has its principal place of
business in this State. The cause of action shall be deemed to
accrue when the aggrieved party discovers or should have

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discovered through the use of reasonable dili gence the material
facts that constitute the cause of action, whichever occurs earlier.
5. Within 1 year:
(a) An action against an officer, or officer de facto to recover
goods, wares, merchandise or other property seized by the officer in
his or her official capacity, as tax collector, or to recover the price or
value of goods, wares, merchandise or other personal property so
seized, or for damages for the seizure, detention or sale of, or injury
to, goods, wares, merchandise or other personal property seized, or
for damages done to any person or property in making the seizure.
(b) An action against an officer, or officer de facto for money
paid to the officer under protest, or seized by the officer in his or her
official capacity, as a collector of tax es, and which, it is claimed,
ought to be refunded.
Secs. 13-16. (Deleted by amendment.)
Sec. 17. NRS 162B.510 is hereby amended to read as follows:
162B.510 1. Appointive property subject to a general power
of appointment created by a person other than the powerholder is
not subject to a claim of any creditor, unless the power of
appointment was held by a decedent who actually exercised the
power in favor of the decedent or the decedent’s estate pursuant to
subparagraph (1) of paragraph (a) of subsection 12 of NRS 111.779.
2. Subject to subsection 3 of NRS 162B.530, a power of
appointment created by a person other than the powerholder which
is subject to an ascertainable standard relating to an individual’s
health, education, support or mainte nance within the meaning of 26
U.S.C. § 2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as those
provisions existed on October 1, 2017, is treated for purposes of
NRS 162B.500 to 162B.530, inclusive, as a nongeneral power.
Sec. 18. Chapter 163 of NRS is hereby amended by adding
thereto a new section to read as follows:
1. Unless specifically prohibited by the terms of a will or trust
instrument and except as provided in subsection 2 , if an
instrument creating a separate trust req uires the assets of the
separate trust to be distributed to the beneficiary or beneficiaries
of the trust immediately after the establishment of the separate
trust as a result of the circumstances existing at the time the
separate trust is to be establishe d, the executor, trustee or any
other party having possession of the property with which the
separate trust will be funded may exercise discretion to make a
distribution directly to the beneficiary or the beneficiaries of the
separate trust.

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2. An execut or, trustee or any other party described in
subsection 1 may exercise discretion rather than distributing the
trust assets to the trustee of the separate trust if the transferring
executor, trustee or any other party described in subsection 1 and
the trustee of the separate trust are the same person.
3. The receipts of distribution provided to any beneficiary or
beneficiaries in the manner described in this section shall be
deemed to protect the executor, trustee or other person having
possession of the p roperty to the same extent that a receipt of
distribution would have protected the executor, trustee or other
person had the property been distributed by the trustee from the
separate trust.
Sec. 19. NRS 163.020 is hereby amended to read as follows:
163.020 As used in NRS 163.010 to 163.200, inclusive, and
section 18 of this act, unless the context or subject matter otherwise
requires:
1. “Affiliate” means any person directly or indirectly
controlling or controlled by a nother person, or any person under
direct or indirect common control with another person. It includes
any person with whom a trustee has an express or implied
agreement regarding the purchase of trust investments by each from
the other, directly or indirectly, except a broker or stock exchange.
2. “Relative” means a spouse, ancestor, descendant, brother or
sister.
3. “Trust” means an express trust only.
4. “Trustee” means the person holding property in trust and
includes trustees, a corporate as well as a natural person and a
successor or substitute trustee.
Sec. 20. NRS 163.557 is hereby amended to read as follows:
163.557 1. A governing trust instrument may authorize the
trustee, in the sole discretion of the trustee or at the direction or with
the consent of a directing trust adviser, to reimburse a settlor for all
or a portion of tax on trust income or principal that is payable by the
settlor under the law imposing such tax. In the sole discretion of the
trustee, the trustee may pay such amount to the settlor directly or to
an appropriate taxing authority on behalf of the settlor.
2. [A trustee or directing trust adviser ] Except as expressly
prohibited or otherwise provided under the trust instrument, if all
or any portion of the trust is treated as being owne d by a person
under section 671 of the Internal Revenue Code or any similar
federal, state or other tax law, in addition to any such discretion
conferred under the terms of a trust instrument, the truste e may,
in the trustee’s sole discretion, reimburse the person being treated

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as the owner for any amount of the person’s federal, state or other
income tax liability that is attributable to the inclusion of the
trust’s income, capital gains, deductions or c redits in the
calculation of the person’s taxable income. In the trustee’s sole
discretion, the trustee may pay such tax reimbursement amount,
determined without regard to any other distribution or payment
made from trust assets, to the person directly or to the appropriate
taxing authority. A life insurance policy held in the trust, the cash
value of any such policy or the proceeds of any loan secured by an
interest in the policy may not be used for such reimbursement or
payment if the person is an insured.
3. Except as otherwise provided under the trust instrument, a
trustee who exercises discretion to make, consent to or direct the
decision to reimburse the settlor under subsection 1 or 2 is not
liable to any person in exercising such discretion to reimburse or not
reimburse a settlor for tax payable by the settlor on trust income or
principal pursuant to subsection 1.
[3.] 4. A trustee may not exercise or participate in the
exercise of the powers granted by this section with respect to any
trust if the trustee is:
(a) Treated as the owner of all or part of the trust under
section 671 of the Internal Revenue Code or any similar federal,
state or other tax law;
(b) A beneficiary of the trust; or
(c) A related or subordinate party, as defined in section 672(c)
of the Internal Revenue Code, with respect to:
(1) A person treated as the owner of all or part of the trust
under section 671 of the Internal Revenue Code or any similar
federal, state or other tax law; or
(2) A beneficiary of the trust.
5. If the trust instrument requires the trustee to act at the
direction or with the consent of a trust adviser, trust protector or
any other person, or that the reimbursement decisions permitted
by this section be made directly by a trust adviser, trus t protector
or any other person, the powers granted by subsection 1 and the
provisions of subsection 2 applicable to the trustee are instead also
granted or apply, subject to the trust instrument, to the trust
adviser, trust protector or other person subje ct to the limitations
set forth in subsection 3, which must be applied as if the trust
adviser, trust protector or other person were a trustee.
6. The power of a trustee , trust adviser, trust protector or any
other person to make a payment to or for the benefit of a settlor or
other person in accordance with subsection 1 or 2 or the decision of

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a trustee , trust adviser, trust protector or any other person to
exercise such power in favor of the settlor must not cause the settlor
or other person to be tre ated as a beneficiary for purposes of the
laws of this State [.] solely by reason of the application of this
section. As used in this subsection, “beneficiary” has the meaning
ascribed to it in NRS 163.4147.
7. This section applies to all trusts describe d in subsection 2
that are governed by the laws of this State or have a principal
place of administration within this State whether created before,
on or after October 1, 2025, unless:
(a) At least 60 days before the effective date of such election,
the trustee provides written notice that the trustee intends to
irrevocably elect out of the application of this section to:
(1) The person treated as the owner of all or a portion of
the trust under section 671 of the Internal Revenue Code or any
similar federal, state or other tax law; and
(2) All persons who have the ability to remove and replace
the trustee under the terms of the trust instrument.
(b) Applying the discretion conferred under subsection 2 will
prevent a contribution to the trust from qua lifying for or reducing
a federal tax benefit, including a federal tax exclusion or
deduction, that was originally claimed or could have been claimed
for the contribution, including:
(1) An exclusion under section 2503(b) or 2503(c) of the
Internal Revenue Code;
(2) A marital deduction under section 2056, 2056A or 2523
of the Internal Revenue Code;
(3) A charitable deduction under section 170(a), 642(c),
2055(a) or 2522(a) of the Internal Revenue Code; or
(4) Direct skip treatment under section 264 2(c) of the
Internal Revenue Code.
Sec. 21. NRS 164.021 is hereby amended to read as follows:
164.021 1. When a revocable trust becomes irrevocable
because of the death of a settlor or by the express terms of the trust,
the trustee may, after the trust becomes irrevocable, provide notice
to any beneficiary of the irrevocable trust, any heir of the settlor or
to any other interested person.
2. The notice provided by the trustee must contain:
(a) The identity of the settlor of the trust and the date of
execution of the trust instrument . [;]
(b) The name, mailing address and telephone number of any
trustee of the trust . [;]

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(c) The dispositive provisions of the trust instrument which
pertain to the beneficiary, a complete copy of the trust instrument or
notice that the heir or interested person is not a beneficiary under the
trust . [;] As used in this paragraph, “trust instrument” means only
those amendments, restatements and instruments the trustee has
determined to be in effect at the time of the death of the settlor
after the trustee has exercised due diligence.
(d) Any information required to be inclu ded in the notice
expressly provided by the trust instrument . [; and]
(e) A statement set forth in a separate paragraph, in 12 -point
boldface type or an equivalent type which states: “You may not
bring an action to contest the trust more than 120 days from the date
this notice is provided to you.”
3. The trustee shall cause notice pursuant to this section to be
provided in accordance with the provisions of NRS 155.010.
4. Except as otherwise provided in this subsection, no person
upon whom notice is provided pursuant to this section may bring an
action to contest the validity of the trust more than 120 days from
the date the notice is served upon the person, unless the person
proves that he or she did not receive actual notice. A person upon
whom notic e is provided pursuant to this section may provide
consent in writing to a period of less than 120 days in which the
person may bring an action to contest the validity of the trust.
5. [For the purposes of paragraph (c) of subsection 2, a copy of
the tru st instrument shall be considered complete if it includes all
amendments and restatements to the trust instrument the trustee has
determined to be in effect at the time of the death of the settlor after
the trustee has exercised due diligence.
6.] A trustee is not liable in providing information pursuant to
paragraph (c) of subsection 2 to any person whom the trustee has
determined, after the exercise of due diligence, to be a beneficiary,
heir or interested person.
6. A person may waive the right to notice contemplated by
this section by delivering to the trustee a waiver signed by the
person, which shall be deemed irrevocable. Upon delivery of such
a waiver to the trustee, the person who waived the right to notice is
precluded from bringing any actio n to contest the validity of the
trust.
Sec. 22. NRS 164.045 is hereby amended to read as follows:
164.045 1. The laws of this State govern the validity and
construction of a trust if:
(a) The trust instrument so provides;

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(b) Designated by a person who, under the terms of the trust
instrument, has the right to designate the laws that govern the
validity and construction of the trust, at the time the designation is
made; or
(c) The trust instrument does not provide for the law that
governs the validity and construction of the trust, a person
designated under the terms of the trust instrument to designate the
law that governs the validity and construction of the trust, if any, has
not made such a designation and the settlor or the trustee of the trust
was a resident of this State at the time the trust was created or at the
time the trust became irrevocable.
2. A person not domiciled in this State may have the right to
designate the laws that govern the administration, validity and
construction of a trust if properly designated under the trust
instrument.
3. A trust, the situs of which is outside this State, that moves its
situs to this State is valid whether or not the trust complies with the
laws of this State at the time of its creation or after its creation.
4. The laws of this State govern the administration of a trust
if:
(a) The trust instrument so provides; or
(b) Designated by a person who, under the terms of the trust
instrument or applicable law, has the right to designate the laws
that govern the administration of the trust, at the time the
designation is made.
5. Notwithstanding a general choice of law provision in the
governing instrument of a trust, such as a provision in the
governing instrument to the effect that the laws of a jurisdiction
other than this State govern the trust or the administration of the
trust, the laws of this State govern the administration of the trust
while the trust is administered in this State, as provided in
subsection 7 or as otherwise provided, unless:
(a) The governing instrument expressly provides that the laws
of another jurisdi ction govern the administration of the trust and
that the laws governing the administration of the trust must not
change on account of a change in the place of administration of
the trust; or
(b) Otherwise provided by a court order.
6. Notwithstanding t he provisions of subsection 5 , if a
fiduciary takes or fails to take action, based on a good faith belief
that the laws of a foreign jurisdiction govern the administration of
a trust while the trust is administered in this State, the fiduciary’s
liability under the governing instrument for the action or inaction

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must be determined in accordance with the laws of the foreign
jurisdiction.
7. For purposes of this section and without limiting any other
way in which a trust may be considered to be administered in this
State, a trust is considered to be administered in this State if all or
part of the administration occurs in this State and if:
(a) The sole trustee is an individual residing in this State or a
corporation or other entity having an office in this State for the
conduct of business;
(b) The trust has more than one trustee, at least one of which
is a corporation or other entity and that corporation or other entity
has an office in this State for the conduct of trust business;
(c) The trust has more than one trustee , all of whom are
persons and more than half of the trustees reside in this State;
(d) A trust created pursuant to chapter 166 of NRS meets the
requirements set forth in NRS 166.015; or
(e) During any such period when the trust is revoca ble by the
settlor who is a resident of this State and there is at least one
trustee that is:
(1) A resident of this State; or
(2) A corporation or other entity having an office in this
State for the conduct of trust business.
Sec. 23. NRS 165.1214 is hereby amended to read as follows:
165.1214 1. Except as may otherwise be required pursuant to
the terms of the trust instrument or by order of the court, the trustee
shall deliver a required account within 90 days after the end of the
period of account, which may be extended by consent of the
beneficiary, or by order of the court for good cause shown.
2. The trustee shall be deemed to have provided an account to
any person on whom the trustee delivers a copy of the acc ount as
directed by order of the court or, if not so ordered, pursuant to the
following:
(a) By mailing a copy of the account by certified, registered or
ordinary first -class mail, or by overnight delivery through a
recognized delivery service company, addressed to the person being
served at the post office address or physical address given in the
person’s demand for account, if any, or at the person’s last place of
residence on file with the trustee, if known, or by personally
delivering a copy thereof to the person; or
(b) By electronic mail or through a secure website on the
Internet. For purposes of this paragraph, a person shall be deemed to
have received a copy of an account provided by the trustee to the

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beneficiary by electronic mail or through a s ecure website on the
Internet if the trustee:
(1) Sent the beneficiary an electronic mail in a manner that
complies with subsection 1 of NRS 719.320 and the beneficiary
received the electronic mail in a manner that complies with
subsection 2 of NRS 719.320; and
(2) Attached the account to the electronic mail as an
electronic record or included in the electronic mail a notice to the
beneficiary indicating the availability of the account on the secure
website.
3. Except as otherwise required by the trus t instrument, a
trustee is not required to provide an account more than once in any
calendar year unless ordered by a court upon good cause shown.
4. An account must be deemed approved and final as follows:
(a) By a beneficiary who received a copy of th e account if no
written objection is delivered to the trustee in accordance with
subsection 2 within 90 days after the date on which the trustee
provided the account to that beneficiary . [; or]
(b) By all beneficiaries who are not required to receive an
account, such as nonvested and contingent beneficiaries, remote
beneficiaries, minor beneficiaries, and unborn or unknown
beneficiaries if the account is deemed approved and final by a
beneficiary who has a similar, but preceding interest, in the trust
estate, in conformance with NRS 164.038, or as to any beneficiary
who has waived an account pursuant to NRS 165.121.
(c) By a trust adviser or trust protector if:
(1) Notice or information to the beneficiaries has been
waived or modified in accordance with NRS 163.004; or
(2) It is authorized under the terms of the trust instrument.
(d) By all parties to a nonjudicial settlement agreement under
paragraph (f) of subsection 3 of NRS 164.940 and regardless of
whether the court approves such a nonjudicial settlement
agreement under subsection 4 of NRS 164.942.
 Notwithstanding the foregoing, if an account is submitted to the
court for approval under a petition pursuant to chapter 164 of NRS,
the account must be deemed final and approved upon by order of the
court, subject only to the right of an interested person to appeal.
5. The trustee, absent fraud or intentional misrepresentation,
is released and discharged from any and all liability to any and all
beneficiaries of the trust for whom an account is deemed approved
and final under subsection 4 as to all matters set forth in such an
account.

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- 83rd Session (2025)
6. Except as otherwise ordered by the court, the cost of
preparing an account must be paid from the trust estate, and
allocated to income and principal as provided in the trust instrument,
and if the trust instrument is otherwise silent, in accordance with
NRS 164.780 to 164.925, inclusive.
[6.] 7. As used in this section:
(a) “Electronic mail” has the meaning ascribed to it in
NRS 41.715.
(b) “Electronic recor d” has the meaning ascribed to it in
NRS 132.117.
Secs. 24-31. (Deleted by amendment.)
Sec. 32. NRS 139.060 is hereby repealed.

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