If you have recently lost a family member or loved one in Reno, you may find yourself navigating the complex probate process. Probate is the legal procedure through which a deceased person’s assets are distributed to their beneficiaries and any outstanding debts are settled. To ensure that your own estate is handled according to your wishes after your passing, it is essential to work with an experienced probate attorney who can guide you through the Nevada probate process. in Reno.
In Nevada, the probate process varies depending on the value of the decedent’s estate. If the total value of the estate is less than $20,000 and does not include real estate, a simplified affidavit procedure may be used to distribute the assets without formal probate. For estates valued between $20,000 and $100,000, a more streamlined set-aside procedure can be employed. However, if the estate’s value exceeds $100,000, formal probate is generally required.
The formal probate process in Nevada typically involves the following steps:
After someone dies, their designated representative must file their last will and testament and ask the court to accept it. The probate process usually takes about six months from the filing to distribution. Some critical steps include:
The costs of probating an estate in Nevada can vary widely depending on factors such as the estate’s size, complexity, and whether any disputes arise among beneficiaries. Common expenses include court filing fees, attorney’s fees, executor’s fees, and appraisal and accounting costs. These expenses are typically paid from the estate’s assets before any distributions are made to beneficiaries. Generally, probate costs will total 3-5% of the estate’s assets. A skilled probate lawyer could help determine the cost of probating a specific estate and explain the legal process.
In some cases, probate can be avoided entirely through the use of trust-based estate planning. By creating a revocable living trust and transferring assets into the trust during your lifetime, you can ensure that those assets pass directly to your chosen beneficiaries upon your death, bypassing the probate process.
The probate process in Reno can be confusing and complicated. If you lost a family member or loved one, you might find it difficult to navigate the process without legal assistance. A trusted probate lawyer at our firm could help you plan ahead. With the guidance of our dedicated legal team, you will be able to understand the next step you should take in the probate process.
We are well-versed in Nevada’s laws regarding the transfer of assets, trusts, estate planning, and the probate process. If you have questions about filing a petition to probate or need help with other aspects of the estate planning process, call us for a free consultation.