The sudden death of Prince (the musician), and the discovery that he didn’t have a will (despite his immense wealth), brought some attention to the probate process. It’s surprising when someone so well-off doesn’t engage in basic estate planning, such as making a will. This scenario raises the question: what happens when there’s no will?
The Minnesota Case
In Minnesota, Prince’s sister requested to be appointed as the special administrator of his estate. Typically, this role gives court authority to handle the deceased’s assets. However, the court appointed an independent trust company instead. You might ask yourself; can a similar appointment of a third-party administrator occur in Nevada?
In Nevada, family members typically have priority in serving as administrators of an estate. State law gives the closest relatives the right to request this role. However, there are situations where a family member might not be suitable, such as conflicts of interest or allegations of wrongdoing. In these cases, a Nevada probate judge can appoint a third party, either a professional trust company or the public administrator, to manage the estate.
Two Types of Administrators in Nevada
Nevada offers two primary options for third-party administration:
- Professional Trust Companies: These are businesses specializing in handling estates.
- Public Administrators: An elected official in Nevada whose role includes serving as administrator of estates when no family member is available or suitable.
A third party usually doesn’t self-nominate to manage an estate. Instead, one of the following situations typically leads to their appointment:
- A family member suggests the need for a neutral third party due to conflicts or other issues within the family.
- The probate judge, upon evaluating the situation, decides that no family member is suitable and appoints a third party. This occurs in Clark County, in cases where the judge might independently determine that a neutral administrator is necessary due to family disputes or other complications.
Does Estate Size Matter?
The appointment of a special administrator isn’t limited to large estates like Prince’s. It can happen with estates of many sizes, from small ones with assets under a hundred thousand dollars to very large ones. Situations that might lead to the appointment of a third party include family disagreements or the unsuitability of family members to act as administrators.
If you’re concerned about the possibility of a third party administering an estate, or if you’re dealing with an existing situation where a third party has been appointed and you’re not satisfied, it’s important to seek legal advice. Experienced attorneys can provide guidance on navigating these touchy situations.
The case of Prince’s estate highlights the unpredictability of probate administration, especially when no will is present. Understanding the role of special administrators, family members, and third parties makes it easier to deal with these scenarios. For those facing challenges in estate administration or seeking to understand their options in Nevada, legal assistance can be invaluable.
For more detailed information on this subject and related issues, check with the attorneys at Clear Counsel Law Group. They can provide further insights and answers to common questions regarding estate administration in Nevada.