162A.450 - Grant of specific authority. - Nevada Statutes

162A.450  Grant of specific authority.

      1.  An agent under a power of attorney may do the following on behalf of the principal or with the principal’s property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise prohibited by another agreement or instrument to which the authority or property is subject:

      (a) Create, amend, revoke or terminate an inter vivos trust;

      (b) Make a gift;

      (c) Create or change rights of survivorship;

      (d) Create or change a beneficiary designation;

      (e) Delegate authority granted under the power of attorney;

      (f) Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan;

      (g) Exercise fiduciary powers that the principal has authority to delegate; or

      (h) Disclaim property, including a power of appointment.

      2.  Notwithstanding a grant of authority to do an act described in subsection 1, unless the power of attorney otherwise provides, an agent that is not a spouse of the principal may not exercise authority under a power of attorney to create in the agent, or in an individual to whom the agent owes a legal obligation of support, an interest in the principal’s property, whether by gift, right of survivorship, beneficiary designation, disclaimer or otherwise.

      (Added to NRS by 2009, 182)