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ABC’S OF PROBATE IN NEVADA
Probate is the process of court involvement in distribution of a decedent’s estate.
How Can Probate of an Estate be Avoided?
- Joint ownership of assets
- Named beneficiary on accounts
- Payable on Death accounts
- Preparation of Trust including decedent’s assets
What are the Different Types of Probate?
- Affidavit of Entitlement – If an estate is valued at less than $20,000 and does not include any interest in real property, assets can be claimed by an affidavit and does not require court involvement.
- Set Aside w/o Administration – If an estate is valued at $75,000 or less, the assets can be set aside without administration by court order (liens and encumbrances are subtracted). (i.e. $150,000 home with $80,000 mortgage would be subject to this).
- Regular Administration – If an estate is valued over $75,000 and does not qualify for a summary proceeding, a regular administration is required which includes the following steps:
- Petition to open Safe Deposit Box
- Petition for Appointment of Personal Representative
- Notice of Hearing on Petition mailed to heirs and will beneficiaries
- Contests may be filed
- Hearing on Initial Petition is held
- Notice to Creditors is published (Creditor's have 90 days to file claims)
- Personal Representative gets appraisals, assets and prepares an inventory
- Personal Representative pays priority claims
- Personal Representative files accounting and petitions to pay claims
- Personal Representative makes partial distribution
- Accounting is required on an annual basis until the court orders a final distribution and discharge
What are the Costs of Probate?
The costs of Probate depend on the attorney who handles the probate and the size of the Estate. Attorneys used to charge a flat fee of 5% of the Estate. Courts have recently ruled that 5% of an estate is not always a “reasonable fee” and Courts can take a look at the Attorney’s fees and determine they are unreasonable. In this case, the Court will set a reasonable fee.
