In performing his or her duties under NRS 164.700 to 164.925 , inclusive, a fiduciary: 1. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in NRS 164.700 to 164.925 , inclusive; 2. May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by NRS 164.700 to 164.925 , inclusive; and 3. Shall administer a trust or estate in accordance with NRS 164.700 to 164.925 , inclusive, if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration.
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