Who can Administer a Nevada Trust?
There are several types of trusts under Nevada law with slightly different qualifications for service as a trustee for trust administration.
– Living or Revocable Trusts
The settlor can name any person that he or she chooses. The trustee takes over the trust at the death of the settlor. Usually, the trustee was someone named or appointed by the settlor to act upon his or her death or incapacity. Nevada law does not specify any requirements for the appointment. A wise practice for the settlor would be to name someone qualified to act as a personal representative or executor. The settlor should name any adult of sound mind, age 21 or older without a felony conviction on their record.
– The DAPT or Domestic Asset Protection Trust
The Domestic Asset Protection Trust is an irrevocable trust at the time of its creation. The law requires at least one trustee to be a Nevada resident. The trust can meet the Nevada residency requirement by naming a professional or institutional party like a Nevada trust company.
– Trust Administration – Easy to Get Hard to Do
The Nevada law of trust makes the appointment of a trustee quite easy. Friends and relatives are often given the honor of Trustee. Make no mistake; it is a job that requires time and involvement. Duties of trust administration include the below-listed items.
- Duty of Impartiality
- Duties of Accounting and Good Faith( fiduciary) Dealings
- Pay taxes , valid claims, and defend questionable claims
- Duty to make sound investments and avoid loss of assets
The law office of Sean Tanko has expertise and experience in Nevada trusts. For expert assistance with Las Vegas trust administration, please call or visit online today.
