Fiduciary and Trustee Representation
The trustee of a Nevada trust acts as a fiduciary to the beneficiaries of the Nevada trust, as well as, the Nevada trust's representative to third parties and creditors. Therefore, the trustee must comply with fiduciary duties including the duty of impartiality, duty of good faith, and duty of loyalty. In addition to fiduciary duties, a Nevada trustee must be conscious of administrative requirements, such as certain mandatory tax filings and accountings to beneficiaries, as well as investment requirements including the Nevada Prudent Investor Act.
Both corporate and individual trustees need guidance in navigating the many legal requirements and duties a trustee must uphold to a trust and its beneficiaries. Wallace Millsap advises fiduciaries in administering a Nevada trust to avoid litigation, and if a dispute has already arisen, effectively defending the trustee through resolution of the Nevada trust dispute.