Nevada Trustee Accounting Requirements: Timing and Content

Nevada trustee accounting involves three separate questions: who is entitled to receive an account, when it must be delivered, and what information it must contain. NRS Chapter 165 answers those questions through different provisions, while the trust instrument can modify many—but not all—of the default rules.

Who is entitled to an account?

For a nontestamentary trust, NRS 165.1207 generally requires the trustee to deliver a conforming account on proper demand to current beneficiaries and remainder beneficiaries. A remote beneficiary ordinarily is not entitled to an account under that general rule.

The categories matter:

• A current beneficiary can presently receive required or discretionary distributions.
• A remainder beneficiary is positioned to become current after an existing current interest ends or another event occurs during the beneficiary’s life.
• A remote beneficiary has an interest behind both current and remainder interests.

The trust terms may change information rights, and representation rules can allow one person to act for another interest. The related Nevada beneficiary-rights guide explains the larger notice and disclosure framework.

Revocable trusts are treated differently

While a trust is revocable by the settlor, the trustee generally is not required to account to anyone other than the settlor. NRS 165.1207 includes exceptions involving a guardian acting for the settlor and a court order when the settlor may be incompetent or susceptible to undue influence.

After a Nevada revocable living trust becomes irrevocable, beneficiary accounting rights and the trustee’s post-death administration duties change materially.

How a beneficiary demands an account

NRS 165.141 provides a written-demand process for a beneficiary who has not otherwise received an account. The demand must be delivered to the trustee or the trustee’s attorney and should identify:

• The beneficiary and the beneficiary’s mailing address or attorney
• The accounting period requested
• The trust involved
• The basis for the beneficiary’s entitlement

The trustee can accept or reject the demand under the statute. A rejected or unanswered demand can lead to a petition under NRS 165.143, where the court may compel an account, determine that the beneficiary is not entitled to one, or authorize an independent review.

Delivery and frequency under NRS 165.1214

An account may be delivered by permitted physical or electronic means. Electronic delivery can include attaching the account to an email or providing notice that it is available through a secure website.

Unless the trust requires otherwise, a trustee is not required to provide an account more than once in a calendar year unless a court orders another account for good cause. This rule concerns the frequency of formal delivery; it does not eliminate the trustee’s continuing recordkeeping obligations.

Required contents under NRS 165.135

When a formal account is required, it should present enough organized information for the recipient to understand what the trustee received, did, paid, distributed, and still holds. NRS 165.135 addresses matters including:

• The beginning and ending dates of the accounting period
• The trustee’s receipts of principal and income
• Gains and losses on sales or other dispositions
• Disbursements from income and principal
• Distributions to beneficiaries
• Property remaining on hand and approximate values
• Liabilities, unpaid claims, and other relevant obligations
• A summary reconciling the activity for the period

The account should distinguish income from principal where that allocation affects beneficiaries. It should also identify trustee compensation and material expenses clearly enough to evaluate them.

Supporting records behind the account

The formal account is a summary of a larger administration file. Trustees should preserve:

• Bank, brokerage, and custody statements
• Closing statements, deeds, assignments, and contracts
• Appraisals and valuation work
• Tax returns, Schedules K-1, elections, and tax correspondence
• Invoices, receipts, and fee calculations
• Distribution requests and written decisions
• Adviser and protector directions or consents
• Entity records and investment reports
• Beneficiary notices and communications

Complete records allow the trustee to answer questions, prepare tax returns, support discretionary decisions, transfer administration to a successor, and complete a final distribution.

The 90-day objection period

NRS 165.1214 provides that an account can become approved and final as to a beneficiary who received it if the beneficiary does not deliver a written objection within 90 days after the trustee provided the account.

Final approval can release the trustee from liability for matters disclosed in the account, absent fraud or intentional misrepresentation. A beneficiary reviewing an account should therefore examine transactions, omissions, values, fees, allocations, and related-party activity before the objection period expires.

Other methods of approval

The statute also addresses approval for beneficiaries who are not required to receive an account, waivers, representation of similar interests, and approval through a nonjudicial settlement agreement.

Following Nevada’s 2025 amendments, an account may also become approved and final through a trust adviser or trust protector when beneficiary information has been waived or modified under NRS 163.004 or when the instrument authorizes that fiduciary to approve accounts. The 2025 Nevada trust-law update explains this change.

Waiving an account

NRS 165.121 allows a beneficiary to waive the right to receive an account under the statutory conditions. A waiver should be evaluated separately from a release of claims. The scope, period, information available, and effect on other beneficiaries or represented interests should be documented.

A trustee should continue maintaining full records even when delivery has been waived. A later tax review, court proceeding, successor appointment, or final distribution can still require a complete accounting history.

Court approval and confidential review

A trustee may petition for court approval of an account, and a beneficiary may petition to compel or review one. Court approval can provide finality subject to appeal and the contents of the order.

Nevada also provides a confidential-review procedure when the instrument restricts direct disclosure but a court determines that a beneficiary is entitled to review. That process attempts to enforce beneficiary rights without automatically making sensitive trust information broadly available.

Accounting as part of administration

Accounting should not be postponed until a dispute or final distribution. The trustee should establish opening values, accounting periods, statement retention, income-and-principal coding, fee documentation, and beneficiary delivery procedures at the start of Nevada trust administration. A disciplined accounting system is both a beneficiary-information tool and the trustee’s primary record of proper administration.