NV SB404

Summary administration threshold for estates increases from $300,000 to $500,000, and estates set aside without administration increase from $100,000 to $150,000.

Priority order for appointing intestate estate administrators is revised to add grandchildren and "other issue" before siblings, and persons seeking appointment without priority must demonstrate due diligence in locating heirs through heir finder reports and certified mail.

Only personal representatives named in a will or those meeting specific family relationship criteria may administer estates under the Independent Administration of Estates Act without court supervision.

Breach of fiduciary duty claims against Nevada-based fiduciaries or trust companies must be filed within 2 years (absent fraud or intentional misrepresentation), with the cause of action accruing upon discovery or reasonable diligence.

Trustees gain authority to reimburse settlors for income taxes attributable to grantor trust status and may make direct outright distributions to beneficiaries without first creating a required separate trust under certain circumstances.