Probate in Nevada
When dealing with the unfortunate loss of a loved one, family members are often faced with the daunting task of locating and deciding what to do with the property of the deceased. There may be homes to be sold, creditors to pay, and money to be distributed. This is known as the probate process which can be an extremely complicated and frustrating task. The good news is that an experienced attorney can make the process simple and easy for you.
Types of Probate Administrations in Nevada
There are four different types of probate administrations in Nevada, depending on the value of the decedent’s assets. In each case, a personal representative will be appointed and that person will be in charge of collecting all of the assets and making sure that they are passed to their rightful heir. In certain cases, the personal representative will also be charged with making sure that creditors of the decedent are paid.
First, if the person who passed away had less than $20,000.00 in assets and no homes or land, then the probate process is called an “Affidavit of Entitlement.” This is a streamlined process which a knowledgeable attorney can complete for you fairly quickly. The Affidavit of Entitlement process cannot be started until forty days after death.
If you don’t know what assets your loved one had or you don’t know the value, then a “Special Administration” petition can be filed with the Court.
Second, if the person who passed away had less than $100,000.00 in assets, a “Set Aside” proceeding can be used. The value of the estate can include personal property, homes, or land. This process can be started 30 days after death. Minimal court involvement is necessary for this process.
Third, if the person who passed away had assets valued at less than $200,000.00 then a “Summary Administration” will be needed. This process is significantly more complicated than the first two and requires following procedures for giving notice to creditors of the decedent and paying claims that meet certain criteria.
Fourth, if the person who passed away had assets over $200,000.00 then a “General Administration” will be conducted. Because of the large amount of money involved, this process is the most complicated and involves a significant amount of court supervision. In certain cases, the court requires that the personal representative buy a bond to ensure that they don’t mishandle assets. However, if you hire a reputable law firm, the bond requirement is often waived.
In each case, the personal representative will be held responsible for payment of all damages caused by their mishandling of the estate’s property. For that reason, it is extremely important to make sure that you hire an attorney who has handled many probate matters and will carefully guide you through each step. A skilled attorney will also assist the representative in transferring titles of property, including homes and cars, to their rightful owner. If the title to a home or car is not properly transferred into the beneficiary’s name, it is still owned by the decedent and will be susceptible to foreclosure or repossession and there is nothing the beneficiary will be able to do about it. But, if the title is properly transferred, then the beneficiary will have authority to deal with banks and lenders because they are the properly documented owner by inheritance.
What if I don’t know the value of assets?
If you don’t know what assets your loved one had or you don’t know the value, then a “Special Administration” petition can be filed with the Court. This process gives a personal representative authority to investigate into the decedent’s property to determine what property they owned and what it was worth. After the Special Administration is complete, the probate can be transferred into one of the four types named above, and the assets can then be distributed.
The attorneys at Clear Counsel Law Group handle many probate matters in all different categories. Clear Counsel Law Group has the knowledge, expertise, and experience to guide you through the probate process as quickly and painlessly as possible. If you would like to know more about probate, please visit our Probate Section.