164.785 - Definitions. - Nevada Statutes

164.785  Definitions.  As used in NRS 164.780 to 164.925, inclusive:

      1.  “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.

      2.  “Beneficiary” includes, in the case of a decedent’s estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.

      3.  “Fiduciary” includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.

      4.  “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in NRS 164.825 to 164.895, inclusive.

      5.  “Income beneficiary” means a person to whom net income of a trust is or may be payable.

      6.  “Income interest” means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee’s discretion.

      7.  “Mandatory income interest” means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

      8.  “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under NRS 164.780 to 164.925, inclusive, to or from income during the period.

      9.  “Principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates.

      10.  “Remainder beneficiary” means a person entitled to receive principal when an income interest ends.

      (Added to NRS by 2003, 1969)