NRS165.135. Accounts.

      1.  The trustee of a nontestamentary trust shall furnish to each beneficiary an account in accordance with the provisions of NRS 165.122 to 165.149, inclusive.

      2.  At a minimum, the trustee shall furnish an account to each beneficiary in accordance with the terms and conditions stated in the trust instrument. The cost of each account must be allocated to income and principal as provided in the trust instrument.

      3.  Except as otherwise provided in this section, an account provided by a trustee to a beneficiary who is entitled to an account pursuant to NRS 165.122 to 165.149, inclusive, must include:

      (a) A statement indicating the accounting period;

      (b) With respect to the trust principal:

             (1) The trust principal held at the beginning of the accounting period, and in what form held, and the approximate market value thereof at the beginning of the accounting period;

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

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

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

             (5) Any deductions from the trust principal during the accounting period, with the date and purpose of each deduction; and

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

      (c) With respect to trust income, the trust income:

             (1) On hand at the beginning of the accounting period, and in what form held;

             (2) Received during the accounting period, when and from what source;

             (3) Paid out during the accounting period, when, to whom and for what purpose; and

             (4) On hand at the end of the accounting period and how invested;

      (d) A statement of unpaid claims with the reason for failure to pay them; and

      (e) A brief summary of the account.

      4.  In lieu of the information required to be provided by a trustee to a beneficiary pursuant to subsection 3, a trustee may provide to such a beneficiary a statement indicating the accounting period and a financial report of the trust which is prepared by a certified public accountant and which summarizes the information required by paragraphs (b) to (e), inclusive, of subsection 3. Upon request, the trustee shall make all the information used in the preparation of the financial report available to each beneficiary who was provided a copy of the financial report.

      5.  For the purposes of NRS 165.122 to 165.149, inclusive, the information provided by a trustee to a beneficiary pursuant to subsection 4 shall be deemed to be an account.

      (Added to NRS by 1967, 360; A 1991, 821; 1999, 2384; 2011, 1477)