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The death of a friend or family member may leave you wondering how to settle your loved one’s personal and financial affairs and wondering whether probate is necessary.
The probate attorneys at Clear Counsel Law Group provide a free consultation to provide clear answers to your probate questions quickly and correctly. You may not even need to hire an attorney.
Levels of Probate in Nevada
In Nevada, the probate process is structured into four distinct levels based on the value and complexity of the estate. This system provides a streamlined process for smaller estates while still supplying appropriate scrutiny for larger ones.
Affidavit of Entitlement
Suitable for estates valued at $25,000 or less. If an estate qualifies, heirs can avoid formal probate by submitting forms to the court. This declares their right to certain assets, allowing them to be transferred without further court intervention.
Set Aside
For estates valued at $100,000 or less, a Set Aside can be requested. Under this process, a court hearing is held, and if approved, the estate’s assets are “set aside” to be directly transferred to the heirs without a full probate process.
Summary Administration
Applicable for estates valued between $100,000 and $300,000, Summary Administration requires more oversight than the previous levels. Key differences include the completion time and how much notice must be given to potential creditors. Though less rigorous than General Administration, it often requires guidance from probate attorneys.
General Administration
This is the most comprehensive level of probate, typically used for estates exceeding $300,000. The process is involved, requiring multiple steps (sometimes in multiple states) and multiple court hearings. Due to its complexity, General Administration can be time-consuming and almost always requires the expertise of a probate attorney.
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Here's a Basic Probate Summary By Your Local Probate Attorneys
What is probate?
Probate in Nevada sounds pretty straightforward, but it can include challenging tasks such as identifying and gathering the assets of the deceased person, paying off any debts or taxes owed, and distributing the remaining assets to the beneficiaries or heirs. Sometimes that process is very simple and you can do it yourself, however many times people find they need the help of an experienced probate lawyer to get through all that.
In a worst-case scenario, if there is disagreement about debts, inheritance, the value of assets, and who should get what, the probate process can include legal action, including gathering evidence and presenting a case before a judge. Should that be the case, you will be best served by getting a probate lawyer on your side, ASAP.
Common steps involved in probate
Although every probate case is unique, these are some of the common steps involved in the probate process:
- Inventory and appraisal of assets
- Filing the will with the probate court
- Appointment of an executor or other personal representative
- Notification of beneficiaries and creditors
- Payment of all outstanding debts and taxes
- Distribution of remaining assets to beneficiaries
- Filing a final accounting with the probate court
- Closing the estate
When is probate necessary?
Probate is necessary when the deceased owned any assets solely in their name at the time of death. This includes assets such as real estate, bank accounts, investments, and personal property.
However, not all assets are subject to probate. Assets that are owned jointly with right of survivorship, assets held in a trust, or assets with designated beneficiaries (life insurance policies, retirement accounts) do not need to go through probate.
Who oversees the probate process?
In most states, the probate court oversees the process. The court appoints a personal representative, also known as an administrator, to manage the estate and ensure that the assets are properly distributed according to state law.
If the last will establishes an executor, they become the personal representative who carries out the deceased person’s wishes.
The personal representative is responsible for notifying creditors, paying off any debts or taxes owed, and distributing the remaining assets to the beneficiaries or heirs. The court oversees the entire process and ensure that everything is done in accordance with the law.
The First Step in the Probate Process: Inventory Your Assets
Probate Lawyer Pro-Tip:
Before beginning the probate process, it is important to take an inventory of all your assets. This helps ensure that nothing is overlooked and that the probate goes smoothly.
Make a list of assets subject to probate
Make a list of all the assets that are subject to probate. This includes any property that is solely owned by the deceased and has not been transferred to a living trust or other legal entity.
Common examples of probate assets include:
- Real estate
- Bank accounts
- Investment
- accounts
- Personal property
Your probate attorney can help you with this step and make sure nothing gets missed.
What about assets that include more than one person as the owner, or things that have a beneficiary like life insurance? Those are called “Non-probate Assets”
What Are Non-probate Assets?
Not all assets are subject to probate. These assets pass directly to the designated beneficiary, regardless of what the last will outlines. In essence, these assets “skip over” the probate process and go directly to the beneficiaries.
Common examples of non-probate assets include:
- Property held in a living trust
- Retirement accounts with designated beneficiaries
- Life insurance policies with designated beneficiaries
- Jointly owned property with right of survivorship
If you’re not sure if some assets are non-probate or not, speak with your probate lawyer for guidance.
Importance of keeping accurate records
Keeping accurate records of all your assets and their value will help simplify the probate process and ensure that your loved ones receive their fair share. You should keep all important documents in a secure and accessible location, such as a fireproof safe or safety deposit box.
By following these steps and working with an experienced probate attorney, you assist the probate process in going smoothly and that your loved ones are taken care of according to your wishes.
Before Probate? Establish Proper Estate Planning Documents
Preparing for probate involves ensuring that all the necessary estate planning documents are in place to ensure a smooth transfer of assets. Consider hiring an experienced estate planning attorney to establish these documents.
Essential estate planning documents include:
- A will is a legal document that outlines how an individual’s assets should be distributed after death.
- Even if you do not have a large estate, a will intercedes in the state distributing your assets according to intestacy laws.
- Make sure your last will is up to date and accurately reflects your wishes.
- A trust is a legal arrangement where a trustee holds assets for a beneficiary.
- Trusts can be used to avoid probate and minimize estate taxes.
- There are different types of trusts. An experienced estate planning attorney can help you determine which trust is right for you and your interests.
- A durable power of attorney is a legal document that empowers someone to make financial decisions on your behalf if you become incapacitated.
- Select a trusted person to act as your agent. They will have access to your financial accounts and assets.
- Having a durable power of attorney in place avoids having a court appoint a guardian or conservator to manage your affairs if you become incapacitated.
- A health care proxy is a legal document that allows someone to make medical decisions on your behalf if you are unable to.
- Choosing a trusted individual to act as your health care agent is critical, especially if you have specific medical wishes.
- Deliver a copy of your health care proxy to your health care provider.
Even if none of this estate planning work was done before the passing of a loved one, an experienced probate attorney can still help get you through the process.
As daunting as it may seem, nothing is impossible with the right help.
Timeline of the Probate Process
The timeline of the probate process varies depending on the complexity of the estate and shifts according to any disputes that arise. For straight-forward probates, the process takes between six months to one year to complete.
First Four Months
The executor files the last will with the local probate court and is appointed as the personal representative of the estate. They must then notify all the deceased’s beneficiaries and creditors.
Four to Six Months
The executor takes inventory of all assets and debts of the estate and has them appraised by a professional appraiser. They must also file any necessary tax returns.
Six to Eight Months
The executor pays any outstanding debts and taxes owed by the estate before distributing any remaining assets to the beneficiaries.
Eight to Twelve Months
Once all debts have been paid and assets distributed, the executor files a final accounting with the probate court and requests that the court close the estate.
Probate Costs
The probate process involves several state and private entities. Each of these entities requires some kind of fee or payment to procure, process, and file documents.
Clear Counsel Law Group offers an unique Flat-Rate Probate pricing in some instances. This pricing is available for ordinary probate and trust administration services where no litigation is required. The benefit of a flat rate probate is that it protects the estate from unnecessary fees caused by attorneys “nickel and diming” their fees. Talk to your probate attorney at Clear Counsel Law Group to see if you qualify for a Flat-Rate Probate.
- Court fees
- Attorney fees
- Executor fees
- Appraisal fees
- Accounting fees
- Bond premiums
- Establish a revocable living trust
- Create a payable-on-death account
- Name beneficiaries for retirement accounts
- Gift assets before death
- Create joint ownership of property
- Size and complexity of the estate
- Property held out of state requiring ancillary probate
- Applicable state laws
- Disputes among beneficiaries or creditors, leading to estate litigation
- The need for additional professional services
Know Your State’s Probate Laws
Probate laws vary from state to state. Be sure you are working with a probate attorney who is practicing in the state where you need probate.
A Uniform Probate Code?
State probate laws govern how a person’s assets are distributed. A Uniform Probate Code exists but not all states follow it. State laws outline the process for administering an estate, including appointing a personal representative, how beneficiaries are notified, and the timeline and process for distribution of assets.
How state laws can affect the probate process
Some states have a simplified probate procedures for smaller estates, while others, such as Nevada, require a formal process regardless of estate size. Additionally, state laws determine specific rules regarding who can serve as a personal representative and how they are compensated.
Differences between state requirements
Some states require certain documents to be filed within a specific time frame, while others have no strict deadlines. You always want to follow the correct procedures and deadlines in your state.
Stay knowledgeable by:
- Researching your state’s probate laws.
- Understanding how laws impact the probate process.
- Becoming aware of any unique requirements in your state.
Clients and Legal Professionals Speak Out
Consider the Services of a Probate Attorney
The compassionate, powerful probate attorneys at Clear Counsel Law Group can help you get through this difficult process with clarity and speed.
You’ve probably heard of personal injury law, and you’re probably familiar with the usual accident lawyer as portrayed in TV and movies. But what is personal injury law? Personal injury is the part of the law which is concerned with injuries to the body, the mind, or even the emotions. When you are hurt in an accident, the law states that you have the right to fair compensation. A personal injury lawyer is focused on proving the facts of what happened to cause the injury, determine who is to blame for the accident, and get you compensation according to those facts. The most common types of injury cases are car accidents, work accidents, tripping accidents, accidents at home, product defect accidents, and holiday related accidents. There are also medical and dental accidents which are called “medical negligence” and even “industrial disease” cases like mesothelioma, emphysema, occupational stress, repetitive strain and so on. As you can see the area of personal injury is vast and complex!
Depending on the size and complexity of the estate, you may need a probate attorney. Review the questions below and if the answers to them are yes, you likely need a probate attorney: Are the assets held outside of probate avoidance vehicles like trusts or life insurance? Does the size of the estate exceed the “small estate” rules? Is there family drama? Does the estate contain a business, commercial real estate, or other special asset? Does the estate lack the funds to pay its debts? Does the estate owe federal or state taxes?
You need to decide if you have the time and desire to serve as executor. Being an executor requires the time and diligence to wrap up the affairs of the deceased person. It also involves dealing with a fair amount of legal paperwork. If you do not feel that you can complete these tasks you can hire an executor support firm that will complete many of the tasks for you. If you can also petition the court to allow you to renounce your executorship.
Estates with a few assets are not subject to the complex, expensive probate process. In Nevada, if you the estate has less than $20,000, you do not need to go through probate. Rather, you can complete a form called an Affidavit of Entitlement that will allow you to transfer assets, such as a bank account, without court involvement. It is not necessary for a lawyer to complete this form, but we have skilled probate professionals on staff that will help with a few assets probate if you like.
No. The estate is the responsible party for the debts and taxes. However, it is important to consult an attorney if the estate cannot pay the debts and taxes. Certain creditors have priority over other creditors.
Get Probate Help
Clear Counsel Law Group has extensive experience in representing executors in administering probate estates of all sizes and varieties. Our probate and trust administration services protects your loved one’s estate and your inheritance from unnecessary fees. Don’t stress! We’ll be with you every step of the way.