Probate in Nevada is a court-supervised process that confirms the validity of the deceased’s will and officially gives the personal representative the authority to perform their duties. Property is also distributed according to the instructions in the will or the state’s intestacy laws. The probate process, though, can take a long time and this can result in beneficiaries waiting months before receiving their inheritance. The cost of probate can also become quite high very quickly, leaving beneficiaries with less than they expected.
Not all estates require probate in Nevada. There is also a simplified version of probate available in the state. Below, our Nevada probate lawyer explains further.
What Estates Require Probate?
Only certain estates are required to go through probate in Nevada, also referred to as general administration. These are estates in which the assets are valued at $300,000 or more. If an estate has less than $300,000 in property but more than $100,000, summary administration can be requested. Summary administration simplifies what could be a complicated probate case otherwise.
During summary administration, personal representatives are not required to publish a notice of probate proceedings in the local newspaper. Creditors also have just 60 days to make a claim against an estate instead of the usual 90 days.
When an estate is valued at less than $100,000, there is a simpler process if the estate does not include real estate. In these cases, a beneficiary can simply file a small estate affidavit. The estate can then be ‘set aside,’ meaning the property within an estate can be distributed to a surviving spouse or children without any further administration.
Estates valued at $25,000 or less and do not include real estate are even easier to settle. In these cases, a small estate affidavit needs to be filed to distribute the property to the appropriate heir. If you are unsure of whether an estate requires probate, it is important to speak to a Nevada probate attorney.
What Property is Subject to Probate in Nevada?
Not all property within an estate is subject to probate. For example, any property placed in a living trust or that is co-owned can avoid the probate process.
When property is placed into a trust, the trustee is tasked with administering the assets and distributing them according to the instructions within the trust. These assets are not considered to be part of an estate and so, they can avoid the probate process. It is common for spouses to co-own property such as real estate or vehicles. If one owner passes away, the property automatically passes to the surviving owner without the need for probate.
Additionally, property that has a designated beneficiary, such as insurance policies or financial accounts, are also not subject to probate. Instead, this type of property can pass directly to the named beneficiary. This can allow them to receive their inheritance much more quickly.
When Does Probate Need to Be Completed in Nevada?
The person who has the will of the deceased must submit it to the appropriate authority within 30 days of the death, or of learning of the death. There is no hard time limit in which probate must be completed. However, completing the process as quickly as possible can help avoid unnecessary taxes and fees, allow beneficiaries to receive their inheritance faster, and help surviving loved ones move forward.
Additionally, certain documents such as the Letter of Testamentary may no longer be accepted by financial institutions if it is older than six months. This letter is issued by the court and confirms that the personal representative has the authority to take certain actions. There are also state and federal tax deadlines and it is critical that you comply with these. Working with a Nevada probate lawyer can ensure that probate is resolved as quickly as possible.
Our Probate Lawyer in Nevada Can Provide the Advice You Need
Losing someone you love is never easy. Facing the long and complicated probate process afterward can make a difficult time even harder. You do not have to go through the process alone. At Boyer Law Group, our Nevada probate lawyer can help you through it, prepare you for the process, and answer all of your questions so the process is as easy as possible for you and your family. Call us today at 702-255-2000 or contact us online to schedule a consultation with our experienced attorney and to learn more about how we can help.