As anyone with any experience in estate planning will tell you, probate proceedings are best avoided. The world isn’t perfect and sometimes they are unavoidable. When family members of a deceased individual dispute an estate, the whole estate has to endure probate court, dealing with the associated costs and maddening bureaucracy.
Most individuals probably want to find ways to get out of probate as quickly as possible. In the state of Nevada, unfortunately, there are only so many options for doing this. If the estate that’s ended up in probate is sizeable, then you’re stuck in probate. However, the state of Nevada allows for certain legal shortcuts for estates depending on their size. Those not especially large have the most options and the fastest turnarounds.
There are two categories of estates that can be considered in this manner, those that are $20,000 or less and those that are less than $200,000. Here are two separate breakdowns.
Estates Worth Less Than $20,000
For these estates, a simple affidavit suffices for settling the estate and getting it out of the probate courts.
To do this, a person that believes they have a right to inherit property or assets from the estate submits a document that is signed under oath to make such a claim. This affidavit of entitlement asks the court to recognize a person’s right to assets and to have them transferred without further proceedings.
In other words, they submit an affidavit to the probate court. It is important to note, though, that these affidavits cannot be submitted to claim real estate. Houses and land are rarely worth less than $20,000 but this exception exists because of the more complicated procedure of determining those claims.
Not just anyone can submit an affidavit of entitlement. These affidavits can only be filed by immediate family members, as well as siblings, grandchildren or parents. Finally, any assets or property that are inherited in this manner are subject to a 40-day waiting period.
Estates Worth More Than $20,000
For estates that have more value than the above and include real estate, the executor can file a motion for a simplified probate proceeding. If the court approves, then a simplified, more expeditious probate proceeding will take place.
Also in some cases, the courts will permit an executor (or personal representative) to divvy up the estate without the need for a probate proceeding. For estates that are valued at $100,000 or less, the probate courts may simply divide an estate’s assets between the deceased’s children and spouse.
If you find yourself dealing with an estate of this nature, it may be wise to consult an estate planning lawyer who can determine if a simplified probate proceeding is your best course of action.
Make Probate in Nevada Easy
The best way to avoid probate altogether is to have an ironclad plan for your estate. To do this, you will want to consult with a qualified estate planning attorney, experienced with probate in Nevada. At Clear Counsel Law Group, we can help you establish a last will and testament, create trusts, and pursue other options that will allow you to keep your estate out of the probate courts after your passing.