1. To the extent that the trust instrument does not provide otherwise, the trustee of a nontestamentary trust shall satisfy the duty to account for the nontestamentary trust estate by delivery of an account which conforms with the requirements of NRS 165.135, and pursuant to the following:
(a) Except as otherwise limited by paragraph (b), the trustee shall deliver an account, upon demand pursuant to NRS 165.141, to each current beneficiary, and to each remainder beneficiary of the trust. A trustee is not required to provide an account to a remote beneficiary pursuant to this section.
(b) Notwithstanding paragraph (a), a trustee may satisfy the duty to account in accordance with subparagraphs (1) to (6), inclusive, where applicable:
(1) While a trust is revocable by the settlor, the trustee is not required to deliver an account to any person other than the settlor except that a trustee of such a trust shall deliver an account if:
(I) A court-appointed guardian of the estate of the settlor or other person having the right of revocation demands an account on behalf of the settlor; or
(II) The court, in considering a petition filed under NRS 164.015, determines that the settlor or other person holding the right of revocation is incompetent or is susceptible to undue influence and orders the trustee to provide an account, specifying the nature and extent of the account to be provided and the person or persons who are entitled to receive the account.
(2) While the trust is irrevocable in its entirety, but is subject to a broad power of appointment, the trustee is not required to provide an account other than to the power holder for the trust or portion of the trust that is subject to a broad power of appointment.
(3) The trustee is not required to provide an account to a person who has been eliminated as a beneficiary by the effective exercise of a power of appointment.
(4) The trustee is not required to provide an account of any portion of the trust estate to a beneficiary that does not affect the beneficiary’s interest in the trust, and the trustee may redact the account as to such portions that do not affect the beneficiary’s interest.
(5) A trustee is not required to provide an account to a beneficiary of an irrevocable trust while that beneficiary’s only interest in the trust estate is a discretionary interest, as described in NRS 163.4185.
(6) A trustee is not required to provide an account to any beneficiary who has waived or is deemed to have waived the right to receive an account in accordance with NRS 165.121. However, if the waiver is partial or only as to form of the account, the trustee shall satisfy the duty to account in accordance with the terms of the waiver.
2. Nothing in this section shall be interpreted to prohibit a trustee from petitioning the court for instructions as to the persons entitled to receive an account and the procedures required of the trustee to satisfy the requirements of this section pursuant to subsection 2 of NRS 165.148.
(Added to NRS by 2015, 3556)