When someone dies, their estate must usually go through probate, which is a court-supervised process to settle the decedent’s debts and distribute their property to their beneficiaries or heirs. Probate is required whether the decedent had a will or not.
Probate can be complex and any mistakes can cause delays, legal complications, and even liability for the estate executor. A Las Vegas probate lawyer can provide valuable and trusted legal insight.
Contact the trusts & estates attorneys at the Cross Law Group for help. We have extensive experience providing personalized, compassionate service and advice to people settling the affairs of their loved ones.
If a decedent has a will, it names an executor to manage their estate after their death. If someone dies intestate, without a will, the court will appoint an administrator to manage the estate. Executors and administrators are referred to as the estate’s personal representative. When you’re named an estate’s personal representative, one of your first jobs is to identify the property included in the estate and assess its value.
Some property doesn’t count toward the value of the decedent’s estate. Any real estate held as joint tenants with right of survivorship passes to the joint owner immediately upon death and the value of the property isn’t included in the estate. Life insurance policies and retirement accounts with named beneficiaries also aren’t counted when valuing an estate because these funds are paid directly to the beneficiaries. Similarly, bank accounts with a “pay on death” designation don’t pass through probate and the funds in the account aren’t counted when valuing the estate.
All other property, including real estate, bank accounts, investment vehicles, interests in businesses, and personal property owned by the decedent must be assessed and valued. When navigating the complexities of probate, a Las Vegas attorney can help you obtain valuations, prepare a property inventory, and submit it to the court.
Nevada recognizes four separate processes for handling a decedent’s estate. The process you must follow depends on the estate’s value and the property it holds. It’s wise to work with a probate attorney in Las Vegas who can determine which process is appropriate in a specific case and provide legal representation at hearings.
When a decedent owned no real property and their estate has nominal value, the heirs could file an Affidavit of Entitlement. When the decedent left a surviving spouse, they could file an affidavit of entitlement when the decedent left up to $100,000 in property. If there is no surviving spouse, other heirs could file an affidavit of entitlement, but in that case, the estate’s value must be less than $25,000.
When an estate has modest value but does not qualify for an affidavit of entitlement, a set-aside procedure is available if the estate is worth less than $100,000. A family member or heir files a petition with the court and requests a set-aside, and the court will hold a hearing where the family must establish the estate’s value. If the estate qualifies and there aren’t any objections to the set-aside, the court will permit the heirs to inherit the decedent’s property without going through formal probate.
When an estate is worth more than $100,000 but less than $300,000, a process called summary administration is available. Summary administration is a slightly streamlined version of the general administration process but still requires substantial time and effort. Working with a skilled Las Vegas probate attorney can ensure you take full advantage of the summary process if the estate qualifies.
When an estate’s value surpasses $300,000 in Nevada, the law mandates a formal probate process known as general administration. This process begins with the court appointing a personal representative, typically named in the will or chosen according to state law if there’s no will. The personal representative’s first tasks include compiling a comprehensive inventory of the decedent’s assets, having them appraised if necessary, and notifying creditors of the death. This involves direct communication with known creditors and publishing a notice in a local newspaper for potential unknown creditors.
The personal representative then takes on the crucial role of managing the estate’s finances. This includes collecting all assets belonging to the deceased, including any outstanding debts owed to them, and potentially pursuing any lawsuits the decedent had the right to bring. They must also settle the estate’s debts and tax obligations, which may involve selling assets if necessary. Once these financial matters are settled, the personal representative files all required tax returns and prepares a detailed accounting of their activities for the court.
The final phase of general administration in Las Vegas involves a court hearing where the personal representative presents their accounting. If the court approves, the remaining assets can be distributed to heirs or beneficiaries as specified in the will or by state law. The process concludes with the personal representative petitioning the court to close the estate. Nevada Revised Statute § 143.037generally requires this entire process to be completed within 18 months, though extensions may be granted with valid explanations. Throughout this process, the personal representative has a fiduciary duty to act in the best interests of the estate and its beneficiaries, and may be held personally liable for mismanagement.
Serving as an estate’s personal representative comes with significant responsibilities. You are accountable to the court, so it is important to avoid mistakes and be as efficient as possible. A Las Vegas probate lawyer can help you optimize the process and fulfill your duties with as few roadblocks as possible. Reach out today to discuss your probate questions with an experienced attorney.
