What Does Probate Law In Nevada Say About The Handling Of Wills & Estates?
Probate law in Nevada governs the distribution of assets in a will or the settling and closing of estates. The laws of Nevada have many specifics to consider, and so it’s best to start from the very beginning. What is the size of the estate? The size of the estate has a lot to do with how it is handled. If under the 200,000 dollar threshold, then the court doesn’t have to oversee the distribution of the estate through probate.
The process used then is called summary administration, and it falls into two categories. The first category is estates under 100,000 dollars, which use what is specifically called an affidavit procedure. For estates between 100k and 200k, the process that is used is called a summary probate procedure.
When the probate process is initiated, there is an executor named by the court, but this step actually happens after a few other steps. The will, however, if there is one, will have named an executor. This executor will have major responsibilities, including paying any taxes and bills owed by the estate, prior to distribution. As a matter of fact, once creditors are notified about the probate process via a public announcement in the newspaper, there is a three month window for them to file a claim.
Ultimately, the Nevada judge is the one who makes the decision about the will and distribution. The executive is given authority to handle all the affairs of the estate regarding liabilities. An inventory of all the assets must be filed with the court. That is one of the requirements prior to distribution of assets under probate law in Nevada.
Probate law in Nevada also states that there must both be a petition for probate and a petition to close probate. The court then issues the order for the distribution of all the assets to the heirs or beneficiaries. What happens if there is no will? If there is no will, then the court is going to appoint an executor. In this case, the executor is going to be called a personal representative of the estate.
Now, for estates over 200,000 dollars, you may be wondering if the probate process can be avoided. That is a good question, and in fact, yes, it can be avoided under certain circumstances. If there is a living trust established, then there is no probate process required for the estate. Of course, you have to set up the living trust according to the guidelines of Nevada law.
There are other circumstances where probate law and the process isn’t part of the distribution of estate assets. However, the majority of estates in Nevada will fall into one of the aforementioned categories. How the state is distributed then will get a lot more technical as distribution is always individual to the estate. The judge will make sure that everything is handled appropriately, and as long as everyone is in agreement and all issues have been resolved with the books, then the judge orders distribution and subsequently issues an order to close the estate.
Once the estate is closed, it is a done deal. There are also certain rules you should know about the probate process prior to being a participant. The will must be filed in a certain amount of time after a person’s death, 30 days in fact. So if there is a will, it needs to be addressed in a timely manner. In the state of Nevada, probate law also states that executors are privy to statutory fees, but you will find they say that it is better to just opt out of those fees since they are subject to an income tax. Learn more about Probate here.