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A recent Nevada law expanded the fiduciary duties of financial professionals. In Nevada, financial planners, trustees, investment advisors, and other professionals must make disclosures to their clients about fees, insurance, investments and other actions. Fiduciaries must put their client’s interests ahead of their own interests.
People, especially the elderly, are often vulnerable to undue influence when creating a will or trust or making other estate planning decisions. When a court determines that undue influence was a factor in the terms of a document, the claim may be filed.
Trust documents usually describe specific terms and circumstances for when trusts terminate. Nevada law specifies that interested parties (e.g., trustees or beneficiaries) may ask a Nevada probate court to terminate a trust if continuing the trust is no longer feasible or economical.
Unless you are both the trustee and sole beneficiary of a trust, being a trustee can be a very difficult and thankless job. Trustees have a responsibility to follow the terms of the trust and protect the interests of the beneficiaries. But, beneficiaries, co-trustees, or creditors may contest your actions as trustee because they feel you did not fulfill your obligations.
The terms of distribution for a trust are outlined in the trust agreement (the document that governs the trust). Each type of trust has its own requirements for distributing funds. The trustees have a fiduciary duty requiring them to follow the distribution scheme in the trust agreement.
In Nevada, a trustee is the person designated to be the owner and manager of trust assets. Nevada State Law requires trustees to be even more careful with the trust assets than they would be with their own. This is called a fiduciary standard of care.
In Nevada, the person that the court appoints to administer and execute the terms of a will is called a personal representative. The personal representative may be an executor who is nominated by the will or an administrator who is named by the court when there is no will or no executor was named in the will.
When someone dies, they may leave behind property and other assets. It’s also typical for the estate to be left with debts, liens, and other creditor claims. These claims must be dealt with before dividing up any assets or property. So, creditors will need to be discovered and notified of the death of the debtor.
As part of the probate, the Nevada Eighth Judicial District Court requires you to fill out and submit the Inventory, Appraisal and Record of Value form. This form is easy to fill out if you have completed our Probate Inventory Checklist.
In Nevada, a trustee is the person designated to manage trust assets. Legally, trustees must follow the terms of a trust document. There are several different types of trusts and each has its own requirements.