1. A provision for a nonprobate transfer on death in a contract is nontestamentary and includes any written provision that:
(a) Money or other benefits due to, controlled by or owned by a decedent before death must be paid after the decedent’s death to a person whom the decedent designates in the contract or in a separate writing, including a will, executed before or at the same time as the contract, or later;
(b) Money due or to become due under the contract ceases to be payable in the event of death of the promisee or the promisor before payment or demand; or
(c) Any property controlled by or owned by the decedent before death which is the subject of the contract passes to a person whom the decedent designates in the contract or in a separate writing, including a will, executed before or at the same time as the contract, or later.
2. A nonprobate transfer described in subsection 1:
(a) Is exempt from the requirements of chapter 133 of NRS;
(b) Is not subject to administration as part of the person’s estate at death;
(c) Is not subject to distribution pursuant to the decedent’s will or pursuant to chapter 134 of NRS, except to the extent that the beneficiary designation fails; and
(d) May be established in conjunction with the ownership registration of an asset, as provided in NRS 111.771.
3. A beneficiary designation that involves an interest in real property must be done in the form of a deed that satisfies the requirements of NRS 111.655 to 111.699, inclusive.
4. Upon a decedent’s death:
(a) Money or other benefits due to, controlled by or owned by that decedent before death must be paid after the decedent’s death to the beneficiary whom the decedent designates in the contract or in a separate writing, including a will, executed before or at the same time as the contract, or later;
(b) If the contract provides that money due or to become due under the contract ceases to be payable in the event of the death of the promisee or the promisor before payment or demand, such provision is effective; and
(c) Any property controlled by or owned by the decedent before death which is the subject of the contract passes to the beneficiary whom the decedent designates in the contract or in a separate writing, including a will, executed before or at the same time as the contract, or later.
5. Notwithstanding the provisions of this section to the contrary, a writing separate from a contract is not effective to the extent it violates the terms of the contract unless it is signed or otherwise ratified by all parties to the contract.
6. Nothing in NRS 111.751 to 111.815, inclusive, authorizes a married person to transfer or otherwise affect the community property rights of that person’s spouse.
(Added to NRS by 2011, 1420)