The Importance of a Probate Inventory Checklist
Probate is the process used to settle the estate after someone dies. Nevada District Courts monitor this process. For Las Vegas and Clark County, this is the Eighth Judicial District Court. The type of probate process is determined by the net value (after claims and debts) of the estate. So, it’s important to have an accurate and thorough accounting of all of the estate’s property and assets.
As part of the probate, the Nevada Eighth Judicial District Court requires you to fill out and submit the Inventory, Appraisal and Record of Value form. This form is easy to fill out if you have completed our Probate Inventory Checklist.
Items included on the Probate Inventory Checklist
LKP’s Probate Inventory Checklist is a thorough listing of types of assets and the related information needed for probate. To determine an estate’s net value requires reviewing many different types of assets and money owed including:
- Real estate and real estate contracts. Include all mineral and water rights, long-term leases, and deeded time-shares—including mortgaged properties. You will need to get documentation for the legal description, property type and address, and parcel. To determine net value, it’s important to document any mortgage, liens, or other debts related to the property as well as any property that was in the process of being purchased by the person who died.
- Securities accounts and securities. Gather information about securities held by brokers or in dividend reinvestment accounts. List these separate from IRAs, 401Ks, and retirement accounts. You should also include information about any stocks and bonds with actual certificates.
- Checking, savings, and other cash accounts. Include the name and address of the bank or credit union, as well as each account number.
- Savings certificates; bonds and treasury bills (T-bills). Note the amounts, numbers, and exact names on the certificate.
- Receivables from promissory notes and judgments. Money owed to the decedent is now owed to the estate, including any trust deeds and mortgages and/or money owed due to judgments and court orders.
- Life insurance policies. You’ll need to determine if the policy names beneficiaries. If not, the policy is likely payable to the estate.
- Vehicles, boats, motor/mobile homes, etc.
- Business interests. The details of the type of business, tax status, shares/interest owned by the deceased, restrictions on selling, liens, loans, licenses and other details on business in which the deceased had an some investment or ownership.
- Employee death and/or retirement benefits. Include IRA, KEOGH, 401K, and other employer sponsored accounts.
- Safe-deposit boxes.
- Other rights, interests, and assets. Include club memberships, timeshare interests, royalties, intellectual property (copyrights, patents, trademarks, etc.), aircraft (including commercial drones), collections such as antiques, art, autographs, coins, comic books, figurines, jewelry, sports memorabilia, stamps, etc.), and digital property, accounts, and rights.
An experienced estate lawyer in Nevada can help you gather all the details associated with the probate inventory checklist. Once the checklist is complete, it will give a good indication of the value of the estate. Remember, the estate’s net value determines the type of probate process required.
Work with an experienced Nevada estate planning attorney to create a probate inventory
LKP can help you navigate the probate process with confidence. We provide our clients better service because we focus only on trusts and estates. Within this legal niche, LKP ranks among the top firms in Las Vegas. Contact our knowledgeable attorneys online or call us today at (702) 333-1711.
Attorney Kennedy Lee practices in all aspects of trust and estate law. He views all legal issues from multiple angles (e.g. from litigation to administration point of view) to provide a higher quality of service to our client.
