The probate process is typically only dealt with once or twice in a person’s life, so it is understandable that many are unfamiliar with exactly what it is. At Bowler Twitchell LLP, our Las Vegas lawyers have nearly 50 years of combined legal experience helping clients through the probate process, offering needed insight from the benefit of our experience.
Below are some commonly asked questions regarding probate such as it is in Nevada. This list is far from exhaustive and further inquiries can be directed to our firm where we can answer any questions during a consultation.
What is Probate?
Probate is a legal proceeding which upholds the terms of a will and sets up an executor or representative of the deceased to administer their estate. This individual will then collect the assets, valuate them, pay off debts, and distribute the remaining assets.
Will Every Estate Go Through Probate?
Nevada law requires all cases to go to probate if the deceased’s assets exceed $20,000 or if real estate in involved. Whoever has possession of the will needs to deliver it to the clerk of the district court within 30 days of the passing.
What is Summary Administration?
Estates worth between $100,000 and $200,000 will go through summary administration, or simplified probate. Otherwise, the estate will go through general administration, in which case, if no one is named to be a representative in the will or no will exists, the representative must be a Nevada resident.
How Long Does Probate Take in Nevada?
In general, the process takes 120 to 180 days which is to allow for creditor notices to be published and gives creditors the time to file claims against the estate.
Which Assets Do Not Require Probate?
This includes assets held in joint tenancy, assets listing a beneficiary other than the estate such as life insurance policies and retirement benefits, and any assets held in a living trust.
How Can I Avoid Probate?
The key to avoiding probate is speaking with a seasonedLas Vegas attorney who can help you establish a trust or simple beneficiary designations, including a beneficiary deed for real property. Planning ahead is the best means of protecting your loved ones from having to go through probate and reducing the monetary repercussions of your passing.
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