When Is Probate Necessary in Nevada?
After someone dies, the process used for settling their estate differs depending on whether there is a will and the value of the estate. Whether there is a will or not, probate is used to transfer the assets. Nevada District Courts monitor the probate process. For Las Vegas and Clark County, this is the Eight Judicial District Court.
Probate is a complex process with specific legal requirements. Because it can be very difficult and intimidating to understand Nevada probate law, you should obtain the services of a law firm that specializes in Nevada estate law. Your attorney can help you determine if probate is needed and what it entails.
Determining the net value of an estate is important
The estate’s net value (after claims and debts) determines the type of probate administration process to be apply. The first step in determining if probate is needed is to determine the value of the estate. In Nevada, if an estate is valued at:
- $25,000 or less and has no real property, then a court proceeding is not necessary.
- More than $25,000 but less than $100,000 (or if real estate is part of the estate) beneficiaries or heirs can submit a petition to the court to get an order that specifies how the estate will be divvied up without going through the detailed probate process
- More than $100,000, but less than $300,000 must go through probate by a simplified process called Summary Administration.
- More than $300,000 must go through the formal probate process called General Administration.
Duties of an executor
The person who is in possession of the will should determine if the will nominates an executor. Most wills do, but if it does not, the court will appoint an executor.
Generally, the executor is responsible for:
- Collecting/inventorying all assets belonging to the person who died
- Determining the estate’s value and who might be entitled to inherit property
- Filing the correct documentation with the District Court
- Obtaining a tax identification number and bank account for the estate
- Paying taxes, debts, and other estate-related expenses
- Publishing creditor notices and administering creditor claims
- Distributing the estate among heirs
- Managing and investing assets
Seek skilled legal guidance for probate and estate administration in Nevada
A law firm familiar with Nevada probate and estate administration can help ensure the executor follows all the required steps and meets the court’s specific probate timelines. LKP can help you navigate the probate process with confidence. The Nevada Eighth District Judicial Court uses this Probate Procedure Checklist that we assisted in creating. Contact our experienced Nevada probate attorneys online or call us at (702) 333-1711 today.