NRS165.139. Request for annual account by beneficiary; liability for failure to provide required account.

  Notwithstanding any provision to the contrary in the trust instrument:

      1.  If the amount distributable to a current beneficiary is affected by the amount of administrative expenses or is affected by the allocation of receipts and disbursements to income or principal, the trustee shall, upon request, provide an account annually to the current beneficiary. An account provided to a current beneficiary pursuant to this subsection must comply with the provisions of subsection 3 or 4 of NRS 165.135, except to the extent that the current beneficiary agrees otherwise in writing.

      2.  Except as otherwise provided in this subsection, upon request, an account must be provided annually to each remainder beneficiary of an irrevocable trust. A beneficiary who has been eliminated by the exercise of a power of appointment has no right to request or receive an account pursuant to this subsection.

      3.  A trustee, at the expense of the trust, may provide:

      (a) An unrequested account to one or more beneficiaries at any time; and

      (b) More information to beneficiaries, including, without limitation, remote beneficiaries, than is required under the trust instrument or by law.

      4.  Unless the court determines that there is clear and convincing evidence that the trustee was acting in good faith, a trustee who fails to provide an account when required pursuant to NRS 165.122 to 165.149, inclusive, is personally liable to each beneficiary who requested the account in writing for all costs reasonably incurred by each such beneficiary to enforce NRS 165.122 to 165.149, inclusive, including, without limitation, reasonable attorney’s fees and court costs. The trustee may not expend trust funds therefor.

      (Added to NRS by 2011, 1473)