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Nevada Revised Statutes Title 13. Guardianships; Conservatorships; Trusts § 163.002. Creation:  Methods;  certain property deemed trust property

Current as of January 01, 2021 | Updated by FindLaw Staff

1. Except as otherwise provided by specific statute, a trust may be created by any of the following methods:

(a) A declaration by the owner of property that he or she or another person holds the property as trustee.  In the absence of a contrary declaration by the owner of the property or of a transfer of the property to a third party and regardless of formal title to the property:

(1) Property declared to be trust property, together with all income therefrom and the reinvestment thereof, must remain trust property;  and

(2) If the property declared to be trust property includes an account, contract, certificate, note, judgment, business interest, contents of a safe deposit box or other property interest that is subject to additions or contributions, all subsequent additions and contributions to the property are also trust property.

(b) A transfer of property by the owner during his or her lifetime to another person as trustee.

(c) A testamentary transfer of property by the owner to another person as trustee.

(d) An exercise of a power of appointment in trust.

(e) An enforceable promise to create a trust.

2. A declaration pursuant to paragraph (a) of subsection 1 may include a schedule or list of trust assets that is signed by the owner of the property or that is incorporated by reference into a document that is signed by the owner of the property.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 13. Guardianships; Conservatorships; Trusts § 163.002. Creation:  Methods;  certain property deemed trust property - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-13-guardianships-conservatorships-trusts/nv-rev-st-163-002/

Read this complete Nevada Revised Statutes Title 13. Guardianships; Conservatorships; Trusts § 163.002. Creation:  Methods;  certain property deemed trust property on Westlaw

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