Estate planning rules in Nevada

Fiduciary investment authority

A fiduciary may delegate investment authority, but delegation does not relieve liability that would exist without delegation.

Nevada fiduciaries may employ and compensate advisers and service providers from income or principal if they select and retain them with due care.

Health care agents

A Nevada health care power of attorney may name two or more co-agents. Each co-agent may act independently unless the document provides otherwise.

Guardianship and real property

Nevada law includes entry into a less restrictive alternative to guardianship as a ground for terminating a guardianship.

A Nevada guardian may face a court petition from an interested person when the guardian neglects or refuses to sell estate real property when necessary or in the protected person's best interests. A court cannot confirm a guardianship sale of mortgaged property when a claim has been filed on the secured debt unless the claim holder releases the estate from all liability on the claim.

A guardian and the estate are not liable for a broker commission under a sale contract until the court confirms the sale. One condition for a sale is net proceeds to the protected person's estate of at least 90 percent of the fair market value of the portion sold.

After confirmation, the guardian's conveyance must reference the confirming order, and a certified copy of the order must be recorded in the county recorder's office.

Powers of attorney for real property

A Nevada power of attorney with authority to convey real property must be recorded like other conveyances. A recorded power of attorney for that purpose is not treated as revoked by the principal's act until the revocation is recorded in the same office.

Property held by multiple people

A Nevada grant or devise to multiple people creates a tenancy in common unless it expressly declares a joint tenancy.

Thresholds and rates change. Check the state's own current figures.

Common questions