164.710 - Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS. - Nevada Statutes

164.710  Administration of trust or estate by fiduciary in accordance with its terms or in accordance with provisions of NRS.  In performing his or her duties under NRS 164.700 to 164.925, inclusive, a fiduciary:

      1.  Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in NRS 164.700 to 164.925, inclusive;

      2.  May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by NRS 164.700 to 164.925, inclusive; and

      3.  Shall administer a trust or estate in accordance with NRS 164.700 to 164.925, inclusive, if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.

      (Added to NRS by 2003, 1965)