NRS 163.002 - Creation: Methods; certain property deemed trust property.

NV Rev Stat § 163.002 (2019) (N/A)

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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.

(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.

(Added to NRS by 1991, 1704; A 2009, 792; 2015, 3541; 2017, 1688)

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NRS 163.003 - Creation: Requirements.