166.040 Competency of settlor; writing required; settlor’s ability to hold other powers.
1. Any person competent by law to execute a will or deed may, by writing only, duly executed, by will, conveyance or other writing, create a spendthrift trust in real, personal or mixed property for the benefit of:
(a) A person other than the settlor;
(b) The settlor if the writing is irrevocable, does not require that any part of the income or principal of the trust be distributed to the settlor, and was not intended to hinder, delay or defraud known creditors; or
(c) Both the settlor and another person if the writing meets the requirements of paragraph (b).
2. For the purposes of this section, a writing:
(a) Is “irrevocable” even if the settlor may prevent a distribution from the trust or holds a testamentary special power of appointment or similar power.
(b) Does not “require” a distribution to the settlor if the trust instrument provides that the settlor may receive it only in the discretion of another person.
3. Except for the power of the settlor to make distributions to himself or herself without the consent of another person, the provisions of this section shall not be construed to prohibit the settlor of a spendthrift trust from holding other powers under the trust, whether or not the settlor is a cotrustee, including, without limitation, the power to remove and replace a trustee, direct trust investments and execute other management powers.
NRS 166.050 No specific language necessary for creation of trust. No specific language is necessary for the creation of a spendthrift trust. It is sufficient if by the terms of the writing (construed in the light of this chapter if necessary) the creator manifests an intention to create such a trust.
166.040 Competency of settlor; writing required; settlor’s ability to hold other powers.
1. Any person competent by law to execute a will or deed may, by writing only, duly executed, by will, conveyance or other writing, create a spendthrift trust in real, personal or mixed property for the benefit of:
(a) A person other than the settlor;
(b) The settlor if the writing is irrevocable, does not require that any part of the income or principal of the trust be distributed to the settlor, and was not intended to hinder, delay or defraud known creditors; or
(c) Both the settlor and another person if the writing meets the requirements of paragraph (b).
2. For the purposes of this section, a writing:
(a) Is “irrevocable” even if the settlor may prevent a distribution from the trust or holds a testamentary special power of appointment or similar power.
(b) Does not “require” a distribution to the settlor if the trust instrument provides that the settlor may receive it only in the discretion of another person.
3. Except for the power of the settlor to make distributions to himself or herself without the consent of another person, the provisions of this section shall not be construed to prohibit the settlor of a spendthrift trust from holding other powers under the trust, whether or not the settlor is a cotrustee, including, without limitation, the power to remove and replace a trustee, direct trust investments and execute other management powers.
NRS 166.050 No specific language necessary for creation of trust. No specific language is necessary for the creation of a spendthrift trust. It is sufficient if by the terms of the writing (construed in the light of this chapter if necessary) the creator manifests an intention to create such a trust.
166.040 Competency of settlor; writing required; settlor’s ability to hold other powers.
1. Any person competent by law to execute a will or deed may, by writing only, duly executed, by will, conveyance or other writing, create a spendthrift trust in real, personal or mixed property for the benefit of:
(a) A person other than the settlor;
(b) The settlor if the writing is irrevocable, does not require that any part of the income or principal of the trust be distributed to the settlor, and was not intended to hinder, delay or defraud known creditors; or
(c) Both the settlor and another person if the writing meets the requirements of paragraph (b).
2. For the purposes of this section, a writing:
(a) Is “irrevocable” even if the settlor may prevent a distribution from the trust or holds a testamentary special power of appointment or similar power.
(b) Does not “require” a distribution to the settlor if the trust instrument provides that the settlor may receive it only in the discretion of another person.
3. Except for the power of the settlor to make distributions to himself or herself without the consent of another person, the provisions of this section shall not be construed to prohibit the settlor of a spendthrift trust from holding other powers under the trust, whether or not the settlor is a cotrustee, including, without limitation, the power to remove and replace a trustee, direct trust investments and execute other management powers.
NRS 166.050 No specific language necessary for creation of trust. No specific language is necessary for the creation of a spendthrift trust. It is sufficient if by the terms of the writing (construed in the light of this chapter if necessary) the creator manifests an intention to create such a trust.
