The Time Period to Sell Estates Assets
Hello, I’m Jonathan Barlow. I’m a probate and estate planning attorney at Clear Counsel Law Group. People often ask us the question of how long does it take to have assets transferred to me after Mom or Dad have passed away? How quickly can I get the bank account transferred to me or how soon can I have the house put into my name? The answer to that question depends largely on the value of those assets. The Nevada statute set out what those values are and what we have to do in those circumstances.
Estates under $25,000
First, there’s total assets under $25,000. There’s a level between $25,000 and $100,000, and in general, anything above $100,000. I’m going to describe briefly these three categories. Under $25,000, if there is no house or land importantly, you can have those assets transferred to you in about 40 days. The statutes say you have to wait 40 days after date of death and after 40 days, you can prepare a document or have a document ready that says, “Mom passed away. She had the following bank account, the following car. We list the assets there. I’m the closest next of kin. I have resolved her debts and I’m entitled to receive her assets.”
Assuming you’ve filled that document out appropriately, you can take that into the bank on Day #40 after Mom passed away, present them with that affidavit, and they would process it through their legal department and in about an hour’s time, they should come back to you with the check with Mom’s bank account and giving that money to you. That’s the fastest you can do it, when it’s under $25,000. There’s a same process with the DMV that you can get car tiles transferred in the same manner when it’s under $25,000.
Estates between $25,000 and $100,000
The second level is between $25,000 and $100,000. This is also a fairly quick process but you have to wait 30 days after date of death and after 30 days, you can file a document in the probate court. It does require probate court filing. However, it’s quick and abbreviated. Within about three weeks time after filing, you can have a court order that says, “Hey bank, transfer the bank account or give the bank account to so and so or to so and so.” To whomever it’s supposed to go to.
That court order could also transfer the title to the land or the house also and so you take that down to the county recorder and that would transfer the house to you. That’s a 30 day wait after Mom or Dad have passed away. You’ve filed your document and then you have a hearing about two to three weeks after that. That’ll take care of estates under $100,000.
Estates over $100,000
Now if you’re over $100,000 in assets, you’re in a situation that’s going to require generally a full probate process. Those full probate processes can take … At the very quickest, you’re going to be done in about four months. That’s really cruising through there. In general those usually take six to nine to twelve months, possibly longer depending on what type of assets you’re dealing with and it’s a very involved process at the probate court, a lot of court filings, a lot of court requirements that you have to keep up on.
Now here at Clear Counsel Law Group, we specialize in the probate, in taking care of those things whether it’s under $25,000 or over $100,000, we file hundreds of probate cases to deal with those estates from very small to several million dollar estates. We also specialize in the estate plan part of it, so if you have an estate that’s over $100,000 and you’re concerned about your children having to go through this probate process that’s time consuming, it’s expensive, it’s public, and you want to make it very easy and very simple for your children to get your assets after you pass away, even if they’re over $100,000, come and see us and talk to us because there’s some really great tools that you can use right now and put in place that make it very simple for your children to get your assets after you pass away.
In any situation, whether you’re faced with the under $25,000, under $100,000, over $100,000, here at Clear Counsel Law Group we’re specialists in these areas. We’ve done hundreds of these cases. We’ll be able to help you answer your questions and get those assets to you as quickly as humanly possible as quickly as the statutes will allow you to do that. Give us a call here at Clear Counsel Law Group and we’ll be glad to help you with those things.