NRS165.160. Trust instrument.

      1.  Except as otherwise provided by a specific statute, federal law or common law, the terms of a trust instrument may expand, restrict, eliminate or otherwise vary the rights and interests of beneficiaries in any manner that is not illegal or against public policy, including, without limitation, specifying:

      (a) The right to be informed of the beneficiary’s interest for a period of time;

      (b) The grounds for removing a fiduciary;

      (c) The circumstances, if any, in which the fiduciary must diversify investments; and

      (d) A fiduciary’s powers, duties, standard of care, rights of indemnification and liability to persons whose interests arise from the trust instrument.

      2.  Nothing in this section shall be construed to:

      (a) Authorize the exculpation or indemnification of a fiduciary for the fiduciary’s own willful misconduct or gross negligence; or

      (b) Preclude a court of competent jurisdiction from removing a fiduciary because of the fiduciary’s willful misconduct or gross negligence.

      3.  The rule that statutes in derogation of the common law are to be strictly construed has no application to this section. This section must be liberally construed to give maximum effect to the principle of freedom of disposition and to the enforceability of trust instruments.

      [15:135:1941; 1931 NCL § 7718.14]—(NRS A 2009, 801; 2011, 1478)