What is Probate? What Should I Expect? When a loved one passes away, their estate often goes through a process called “probate", where the assets of the deceased are managed and distributed under the supervision of the Nevada Probate Court. Losing a loved one is hard enough without having to deal with the hassle, expense, and emotional strain of prolonged litigation. We assist clients with everything from simple probate filings to complex contested estate litigation battles. How we help with the Probate Process:
- Simplified small estate probate processes, including Small Estate Affidavits, Affidavits of Entitlement
- Special Administration Petitions
- Set Aside Probate Proceedings
- Summary Probate Administration
- General Probate Administration
- Negotiation and reduction of creditor claims against probate estates
The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the Nevada Revised Statutes (NRS) governing the administration of estates. Nevada Probates usually involve the following steps:
- 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" in other states)
- Inventory and appraisal of estate assets by the Personal Representative
- Payment of estate debt to rightful creditors
- Payment of estate and income taxes, if applicable
- Sale of estate assets if necessary; and
- Final distribution of assets to heirs/beneficiaries
Nevada Probate FAQs:Q: What happens if someone objects to the Will?An objection to a will or competing will is presented is known as a “will contest” and can be incredibly costly to litigate. In order to contest a will, one has to have legal “standing” to raise objections. This usually occurs when, for example, children are to receive disproportionate shares under the will, or when distribution schemes change from a prior will to a later will. In addition to disputes over the tangible distributions, will contests can be a quarrel over the person designated in the will to serve as Personal Representative. Q: Does probate administer all property of the deceased?Nevada probate is primarily a process through which title to assets only in the decedent's name without a named beneficiary are transferred from the name of the deceased to the next of kin via Intestate Succession under NRS 134 , or pursuant to the decedent's valid Will. Certain types of assets are “non-probate assets” and do not go through probate. These include: - Property in which you own title as “joint tenants with right of survivorship”. Such property passes to the co-owners by operation of law and do not go through probate.
- Retirement accounts such as IRA and 401(k) accounts where there are designated beneficiaries.
- Life insurance policies.
- Bank accounts with “pay on death” (POD) designations or “in trust for” designations.
- Property owned by a living trust. Legal title to such property passes to successor trustees without having to go through probate (see: Estate Administration).
Q: Do I get paid for serving as an Executor (or “Personal Representative” in Nevada)?Personal Representatives are reimbursed for all legitimate out-of-pocket expenses incurred in the process of management and distribution of the deceased’s estate. In addition, you may be entitled to statutory fees pursuant to NRS 150.020 and also extraordinary compensation. The Personal Representative has to fulfill his or her fiduciary duties on behalf of the estate with the highest degree of integrity and can be held liable for mismanagement of estate assets in his or her care. It is advised that the Personal Representative retain an attorney and an accountant to advise and assist him with his or her duties. Q: How much does probate cost? How long does it take?The cost and duration of probate in Nevada can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will and the location of real property owned by the estate. Common expenses of an estate include personal representatives’ fees, attorneys’ fees, accounting fees, court fees, publication costs, appraisal costs, and surety bonds. The length of a probate in Nevada often depends on the size & make-up of the estate: - Estates under $100,000 (without creditors) can be resolved relatively quickly pursuant to NRS 146, which has substantial advantages for surviving spouses and minor children.
- Estates between $100,000 - $300,000 are handled by “summary administration” – they take at least 5-6 months to complete. Estates over $300,000 require a full probate administration “general administration” which averages around 13 months in Clark County, assuming there’s no legal disputes between beneficiaries or heirs.
Will contests or disputes with alleged creditors over the debts of the estate will likely add significant cost and delay. Do you need help with a Nevada Probate? Contact Us today for a complimentary consultation with probate attorney Chris Phillips. |