1. A provision in a will or trust instrument requiring the arbitration of disputes other than disputes of the validity of all or a part of a will or trust, between or among one or more beneficiaries or fiduciaries under the will or trust, a settlor of a nontestamentary trust, or any combination of such persons or entities, is enforceable. Such a provision in a will or trust instrument is not subject to the requirements of NRS 597.995 . 2. Unless otherwise specified in the will or trust, a will or trust provision requiring arbitration shall be presumed to require binding arbitration under NRS 38.206 to 38.248 , inclusive. If an arbitration enforceable under this section is governed under NRS 38.206 to 38.248 , inclusive, the arbitration provision in the will or trust shall be treated as an agreement for the purposes of applying the provisions of NRS 38.206 to 38.248 , inclusive. 3. The court is authorized to appoint a guardian ad litem at any time during the arbitration procedure to represent the interests of a minor or a person who is incapacitated, unborn, unknown or unascertained, or a designated class of persons who are not ascertained or are not in being. If not precluded by a conflict of interest, a guardian ad litem may be appointed to represent several persons or interests. The guardian ad litem is entitled to reasonable compensation for services with such compensation to be paid from the principal of the estate or trust whose beneficiaries are represented. The provisions of NRS 164.038 and the common law relating to the doctrine of virtual representation apply to the dispute resolution procedure unless the common law rule or doctrine is inconsistent with the provisions of NRS 164.038 , and any action taken by a court enforcing the judgment is conclusive and binding upon each person receiving actual or constructive notice or who is otherwise virtually represented. 4. Such arbitration in a provision in a will or trust may include, without limitation: (a) The number, method of selection and minimum qualifications of arbitrators; (b) The selection and establishment of arbitration procedures, including, without limitation, the incorporation of the arbitration rules for wills and trusts adopted by the American Arbitration Association; (c) The county in which the dispute resolution will take place; (d) The scope of discovery; (e) The burden of proof; (f) Confidentiality of the arbitration process and the evidence produced during arbitration and discovery; (g) The awarding of attorneys fees, expert fees and costs; (h) The time period in which the arbitration must be conducted and deciding an award; (i) The method of allocating the appointed persons fees and expenses among the parties; (j) The required appointment of guardians ad litem; (k) The consequences to a party who fails to act in accordance with such provisions or contests such provisions; and (l) Other matters which are not inconsistent with NRS 38.206 to 38.248 , inclusive.
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