165.135 - Accounts. - Nevada Statutes

165.135  Accounts.  The trustee of a nontestamentary trust shall, not less often than annually, furnish to each beneficiary who is currently entitled to receive income pursuant to the terms of the trust, to each residuary beneficiary who is then living, to each specific beneficiary then living who has not received complete distribution, and to any surety on the bond of the trustee of the trust an account showing:

      1.  The period which the account covers;

      2.  In a separate schedule:

      (a) Additions to trust principal during the accounting period with the dates and sources of acquisition;

      (b) Investments collected, sold or charged off during the accounting period;

      (c) Investments made during the accounting period, with the date, source and cost of each;

      (d) Deductions from principal during the accounting period, with the date and purpose of each; and

      (e) The trust principal, invested or uninvested, on hand at the end of the accounting period, reflecting the approximate market value thereof;

      3.  In a separate schedule:

      (a) Trust income on hand at the beginning of the accounting period, and in what form held;

      (b) Trust income received during the accounting period, when and from what source;

      (c) Trust income paid out during the accounting period, when, to whom and for what purpose; and

      (d) Trust income on hand at the end of the accounting period and how invested;

      4.  A statement of any unpaid claims with the reason for failure to pay them; and

      5.  A brief summary of the account.

      (Added to NRS by 1967, 360; A 1991, 821; 1999, 2384)