Nevada Revised Statutes Title 13. Guardianships; Conservatorships; Trusts § 164.950. Distribution by trustee of community property in nontestamentary trust established by married settlors

1. If two settlors who are married establish a nontestamentary trust jointly, and the trust provides for the pecuniary or fractional division of the community property held by the settlors upon the death of one of the settlors, the trustee has the authority to distribute the community property unless the trust instrument expressly provides otherwise.  The trustee may distribute the community property on a non-pro rata basis so long as the fair market value of the distribution is, at the time of the distribution, the same as if the distribution were made pro rata.  The provisions of this section do not affect the distribution of assets that are specifically allocated in the trust instrument to be distributed in kind.

2. As used in this section, “nontestamentary trust” has the meaning ascribed to it in NRS 163.0016.