In Nevada, the value of an estate will determine what level of probate will be required. The lowest level of probate is called a “set aside” and applies to estates worth between $25,000 and $100,000. For these smaller estates, the set aside allows the property owner to avoid the long, drawn-out probate process. While most set aside petitions are resolved in a few weeks, formal probate can take months.
Contact a seasoned probate attorney if you need assistance settling your loved one’s estate so we can review the processes for set aside probate and determine your eligibility. Get in touch with the reliable team at Cross Law Group today to learn more about set aside probate in Las Vegas.
The set aside process is a streamlined form of probate in Nevada that is used to settle estates of lower financial value. It eliminates the need to go through a full formal probate or for the court to appoint a legal personal representative for the estate. The state legislature enacted the set aside process to protect surviving spouses or minors of descendants.
The primary factor for whether a Las Vegas estate qualifies for a set aside probate is its value. The law requires that the total worth of the estate be less than $100,000, including the value of any property or assets, to be eligible for this procedure.
Additionally, liens, loans, and mortgages connected to the state may be deducted when calculating its value. If the person filing the petition is the decedent’s surviving spouse or minor child, Nevada law provides certain protections from the Decedent’s debts. It’s possible under the right circumstances to avoid paying the Decedent’s debts altogether and to give the entire estate to the Decedent’s surviving spouse or minor child free and clear.
While most estates are only eligible for the set aside process if they’re worth less than $100,000, there’s a special exception for estates that will be transferred to a living trust. If the Decedent left a valid last will and testament in favor of the Decedent’s living trust (known as a pour-over will), the entire estate can go through the set aside process regardless of value. This makes it easy for people who set up a trust but forgot to transfer all of their assets to avoid probate.
While the set aside process is more straightforward than formal probate, it requires following certain steps, which is where a dedicated attorney can offer invaluable guidance.
The first step is to file a set aside petition with the appropriate probate court. It can’t be filed until 30 days after the decedent’s passing. In addition, the petition must contain the names and addresses of any heirs, a statement of debt or other liabilities, descriptions of existing properties, and all estimated assets.
After the petition is filed, the court will issue notice of the hearing. The person filing must notify any heirs or creditors, and interested parties may file objections.
The last step is a hearing before a probate judge, where any heirs or creditors will have the opportunity to object to a decision and have their voice heard. If there are no oppositions, the judge will order that the estate be transferred to the decedent’s surviving spouse and heirs.
You can hire a steadfast lawyer for diligent legal assistance throughout the process of setting aside probate in Las Vegas. Call the legal professionals at Cross Law Group today to discuss whether a set aside probate petition fits your financial goals.
There are numerous advantages to engaging in set aside probate in Las Vegas. Crucially, it will cost significantly less time and money than a formal probate process.
You need guidance from professional legal counsel to settle your family member’s affairs successfully. Hiring a knowledgeable trusts and estates lawyer to assist you can help guarantee that your loved one’s estate is sufficiently protected and settled.
If you have additional questions about setting aside probate or would like to discuss the requirements to begin this process, contact our team at Cross Law Group today for a free initial consultation.
