Incorporation by reference of powers enumerated in NRS 163.265 to 163.410, inclusive; restriction on exercise of such powers.
1. By an expressed intention of the testator or settlor to do so contained in a will, or in an instrument in writing whereby a trust estate is created inter vivos, any or all of the powers or any portion thereof enumerated in NRS 163.265 to 163.410, inclusive, as they exist at the time that the testator signs the will or places his electronic signature on the will, if it is an electronic will, or at the time that the first settlor signs the trust instrument or places his electronic signature on the trust instrument, if it is an electronic trust, may be, by appropriate reference made thereto, incorporated in such will or other written instrument, with the same effect as though such language were set forth verbatim in the instrument. Incorporation of one or more of the powers contained in NRS 163.265 to 163.410, inclusive, by reference to the proper section shall be in addition to and not in limitation of the common-law or statutory powers of the fiduciary.
2. A fiduciary shall not exercise any power or authority conferred as provided in NRS 163.260 to 163.410, inclusive, in such a manner as, in the aggregate, to deprive the trust or the estate involved of an otherwise available tax exemption, deduction or credit, expressly including the marital deduction, or operate to impose a tax upon a donor or testator or other person as owner of any portion of the trust or estate involved. “Tax” includes, but is not limited to, any federal income, gift, estate or inheritance tax.
3. This section does not prevent the incorporation of the powers enumerated in NRS 163.265 to 163.410, inclusive, in any other kind of instrument or agreement.
4. As used in this section, “electronic will” has the meaning ascribed to it in NRS 132.119.
Last modified: February 25, 2006