Nevada Probate attorney, Chris Phillips, answers some of the most frequently asked questions he gets about the process of Probate in Nevada…
Nevada Probate lawyer, Chris Phillips, along with his legal assistant, Diane Franks, and Kettle
What is Probate?
Simply put: Probate is the legal process of transferring assets from a deceased person to their family or other beneficiaries.
It’s important to know: If you leave your estate to your loved ones using a only a Will, it’s very likely that everything you own will have to go through the probate process!
Want to see if your estate would be subject to Probate? Check out our Chart…
Why Do I Want to Avoid Probate?
Probate is Time-Consuming:
- In Nevada, the average timeline for probate is 13+ months – this average includes simple estate administered thru set-asides.
- According to the a 2023 publication by the State Bar of Nevada, a “routine” Summary or General Probate Administration case (without disputes or complexities) takes a minimum of 10 – 12 months, with a much longer timeline if complications arise or the estate is more complex.
- In California, the average probate takes up to 18 months.
- According to the Judicial Branch of California, while CA law aims for a one-year timeline, the reality is it can take much longer, especially for complicated estates.
Probate is Expensive:
- On average, legal fees/costs for probate are 10 x more expensive than a properly maintained trust-based plan.
- If the probate is challenged, or “contested”, legal fees can add up to the tens to hundreds of thousands.
Probate = Lack of Control:
- The probate court is in control of the process until the estate has been settled and distributed.
- During this process, it is not unusual for the probate courts to freeze assets for weeks or even months while trying to determine the proper disposition of the estate, making it difficult for your family to pay for living expenses.
- If you have any dependents (married / children), you’ll want to make sure your surviving family has immediate access to funds to pay for living expenses while your estate is being settled.
Read more about Nevada Probate…
What Steps are Usually Involved in a Probate?
Every probate administration is unique, but most involve the following steps or actions:
- Filing of a petition with the proper probate court
- Notice to heirs under the will or to statutory heirs (if no will exists)
- Petition to appoint a Personal Representative (sometimes referred to as an Executor) for the estate
- Inventory and appraisal of estate assets by Personal Representative
- Payment of estate debt to rightful creditors
- Sale of estate assets
- Payment of estate taxes, if applicable
- Final distribution of assets to heirs
Check out our detailed explanation of the different Types of Nevada Probate…
How Can You Avoid Probate?
Assets that are titled “with rights of survivorship“, or assets with proper beneficiary designations may – but don’t always – avoid the probate process.
However, the gold standard is to have your assets held in trust. Revocable Living Trusts are often used to avoid probate in states where probate is particularly cumbersome (like in Nevada, California, and Washington).
For example, trusts are commonly needed when:
- If you own any Real Estate (especially important if you have properties in multiple states)
- If you own a Business
- If you’re a Parent (especially if you have minor children or children with special needs)
- If you are part of a Blended Family
- If you have a more complex Estate and/or Tax situation
With proper estate planning, like with a well maintained Trust-based plan, your estate can pass on to your loved ones free from the burden of probate, in a way that’s private, less expensive, and efficient!
Read More about Estate Planning and Revocable Living Trusts…