1. Except as otherwise provided by law, the terms of a trust instrument may expand, restrict, eliminate or otherwise vary the rights and interests of beneficiaries in any manner that is not illegal or against public policy, including, without limitation:
(a) The right to be informed of the beneficiary’s interest for a period of time;
(b) The grounds for the removal of a fiduciary;
(c) The circumstances, if any, in which the fiduciary must diversify investments;
(d) A fiduciary’s powers, duties, standards of care, rights of indemnification and liability to persons whose interests arise from the trust instrument; and
(e) The provisions of general applicability to trusts and trust administration.
2. A trust is irrevocable except to the extent that a right to amend the trust or a right to revoke the trust is expressly reserved by the settlor or is granted to one or more other persons under the terms of the trust instrument. Notwithstanding the provisions of this subsection, the following powers do not make a trust revocable:
(a) Power of appointment;
(b) Power to add or remove beneficiaries;
(c) Power to appoint, remove or replace the trustee; or
(d) Power to make administrative amendments.
3. Nothing in this section shall be construed to:
(a) Authorize the exculpation or indemnification of a fiduciary for the fiduciary’s own willful misconduct or gross negligence; or
(b) Preclude a court of competent jurisdiction from removing a fiduciary because of the fiduciary’s willful misconduct or gross negligence.
4. The rule that statutes in derogation of the common law are to be strictly construed has no application to this section. This section must be liberally construed to give maximum effect to the principle of freedom of disposition and to the enforceability of trust instruments.
(Added to NRS by 1991, 1704; A 2011, 1466; 2015, 3542; 2019, 1862)