NRS 163.600 - Appointment of successor trustee under certain circumstances.

NV Rev Stat § 163.600 (2019) (N/A)

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1. If a trust has no serving trustee because of the death, incapacity or resignation of the last serving trustee of the trust, and if the provisions of the trust instrument do not include any provisions which can be effectively used to appoint a successor trustee, then the current beneficiaries of the trust, by unanimous vote, may name and appoint a successor trustee of the trust without the approval of the court so long as the successor trustee of the trust is not a person described in NRS 138.020 and is not a “related or subordinate person” with respect to the settlor of the trust or any beneficiary thereof within the meaning of section 672(c) of the Internal Revenue Code, 26 U.S.C. § 672(c), as amended.

2. If a current beneficiary is a minor, the minor’s guardian or guardian ad litem may vote on the minor’s behalf.

3. NRS 164.038 shall apply with respect to the appointment of a trustee under this section.

4. For the purposes of this section, the person entitled to vote with respect to a beneficiary which is another trust, which has a serving trustee, is the trustee or trustees of such trust.

(Added to NRS by 2015, 3540)

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