Estate Planning News
by Layne T. Rushforth
June 13, 2017
Assembly Bill 314
Bill sponsored by the Legislative Committee of the Probate and Trust Section of the State Bar of Nevada
This bill has passed the Assembly (April 25) and the Senate (May 22). It was signed by the Governor and became effective on May 26, 2017. This bill clarifies a number of Nevada laws relating to trusts and estates:
- Inherited IRAs and retirement accounts will be exempt from creditors’ claims, subject to the $500,000 overall limitation for all similar retirement accounts.
- Assets received by exercise of a power of appointment are not “nonprobate transfers” for purposes of creditor liability.
- The process of making a creditor’s claim against nonprobate assets is clarified.
- The interests retained by spouses as to property transferred to an irrevocable trust retain their character as separate or community property.
- Trust protectors and financial advisers are fiduciaries unless the trust instrument provides otherwise.
- Several procedural clarifications have been added to the probate code.
- Noncharitable “purpose trusts” are permitted even without one or more specific beneficiaries.
- The decanting statute is updated to permit the “second trust” to be a “special needs trust, pooled trust or third-party trust.”
- Court jurisdiction over trusts is clarified.
To download a copy of the final version of Assembly Bill 314, click here.
Assembly Bill 239
Revised Uniform Fiduciary Access to Digital Assets Act
This bill declares the law with respect to a deceased person's "digital assets", including access to online financial sites and social media. It was passed by the Assembly on March 17 and was passed by the Senate on May 11. It was signed by the Governor and will become effective on October 1, 2017.
To download a copy of the final bill, click here.
Assembly Bill 413
Electronic Wills and Other Documents
This bill revises Nevada law with respect to certain electronic documents, including electronic wills. It was passed and has been signed by the Governor. As to its effective date, the Legislature's web site states, "Sections 56 to 60, inclusive, and 63 of this act effective June 9, 2017. Sections 1 to 28, inclusive, and 61 of this act effective on July 1, 2017. Sections 29 to 55, inclusive, and 62 of this act effective: (a) June 9, 2017, for the purpose of adopting any rules and regulations and performing any other preparatory administrative tasks that are necessary to carry out the provisions of this act; and (b) On July 1, 2018, for all other purposes."
To download a copy of the final version of this bill, click here.