There is so much to do after losing a loved one. The days and weeks to follow become a blur of one pressing matter after another. It can leave one exhausted and drained, then comes in probate. The probate process starts when you think you can’t handle another stressful situation, but our attorneys at Michaelson Law are here to help make the whole process much less stressful. We’ll help probate seem less scary.
What is Probate?
In layperson’s terms, probate is the court-supervised legal process after a person dies to distribute the estate assets and pay any debts owed. Probate can be time-consuming, nerve-wracking, and expensive, but you can avoid probate by compiling a complete estate plan. Probate may be required when someone passes away without proper, complete, or updated estate planning.
Before the property can be distributed to the decedent’s heirs or beneficiaries, the deceased person’s will must be determined as the last valid will and testament by a judge, creditors notified, debts resolved, and taxes paid. If there was no will, or the last will is challenging to interpret, then any items will be distributed as the court sees best. There are many reasons you may need an attorney for probate, including:
- To help resolve disputes between unhappy beneficiaries like an ex-spouse
- To prevent someone from taking advantage of your loved one’s death
- To ensure the courts honor the wishes of your passed loved one
- Needing to settle the estate of your lost loved one
- To ensure estate matters are handled correctly
Nevada Probate Process
The first step to the Nevada probate process is to file any alleged last will and testament of the decedent in the country where they lived within 30 days of death. The court will determine if the will is valid and who will be the estate executor. Creditors of the decedent’s estate typically also have to be notified before final distributions are paid according to the will or if there is no will, the decedent’s family members. Public disclosure of assets and potentially other personal information during probate can be avoided by planning your estate, including setting up a living trust before death or incapacitation.
Four Types of Probate Proceedings
Small Estate Affidavit of Entitlement
Small Estate Affidavit of Entitlement is a signed and notarized statement that the total value of assets is less than $25,000 with no real estate.
General Probate Administration
General Probate Administration is the most common probate proceeding in Nevada. A general administration is required when the estate’s net value exceeds $300,000.
Summary Administration is used for a Nevada probate estate when the net value of the estate is less than or equal to $300,000.
Nevada Set Aside Estate
Nevada Set Aside Estate allows a probate estate to be distributed by court order without administration. A set aside may be used if the net value of the decedent’s estate is at most $100,000.
What does NOT go through Nevada Probate?
Given that probate ensures proper, legal distribution of assets, some wonder if everything their loved one owned is subject to an order of the court. In short, no, certain assets will not go through probate, including:
- Joint tenancy property with survivorship rights
- Most employment earnings due at death
- Retirement accounts and pension plans
- Property held in a living trust
- Life insurance proceeds
Michaelson Law: Las Vegas Probate Attorneys
If you find yourself in a situation where you must probate the estate of a loved one, we can help you through the process. Let our qualified team of probate attorneys answer all your questions and help guide you through the probate process with confidence! We’ve handled matters from small to large estates with highly complex legal and tax implications. Michaelson Law has an effective team that can help you in the best way possible!