163.006 - Creation: Beneficiary.
163.006 Creation: Beneficiary. A trust, other than a charitable trust, is created only if there is a beneficiary. This requirement is satisfied if the trust instrument provides for:
1. A beneficiary or class of beneficiaries that is ascertainable with reasonable certainty or that is sufficiently described so that it can be determined whether a person meets the description or is within the class; or
2. A grant of power to the trustee or some other person to select the beneficiary based on a standard or in the discretion of the trustee or other person.
(Added to NRS by 1991, 1704)