Annulment Of The Marriage

Committee on Judiciary, Mar 23, 2003

AN ACT relating to trusts:

Providing that divorce or annulment of the marriage of a settlor revokes certain provisions of a revocable inter vivos trust related to the former spouse under certain circumstances; and providing other matters properly relating thereto.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Chapter 163 of NRS is hereby amended by adding thereto a new section to read as follows:

Divorce or annulment of the marriage of a settlor revokes every devise, beneficial interest or designation to serve as trustee given by the settlor to the former spouse of the settlor in a revocable inter vivos trust executed before the entry of the decree of divorce or annulment unless otherwise:

1.Provided in a property or separation agreement that is approved by the court in the divorce or annulment proceedings; or
2.Ordered by the court in the divorce or annulment proceedings,and the revocable inter vivos trust provisions take effect in the same manner as if the spouse had predeceased the trustor.
 
[Approved: March 26, 2003]