Whittier Trust Co. v. Getty

OPINION

In this appeal, we examine a question of first impression under Nevada law: whether a special trustee’s power, under NRS 164.795, to adjust amounts of trust income and principal distributed to a trust income beneficiary and the trust corpus may be exercised with respect to principal and income accrued before the special trustee’s appointment. Because the power to adjust is a corrective power, we conclude that, at a minimum, a special trustee may adjust between principal and income accrued in the year immediately preceding the special trustee’s appointment. Because under NRS 164.725(7)…