THE PROBATE PROCESS IN NEVADA In Nevada, if the deceased person s assets exceed $20,000, or if there is real estate involved, probate is normally required. BRYCE L. RADER 1 The Probate Process in Nevada RENO NEVADA PROBATE www.wealth-counselors.com ATTORNEY
Probate is a court proceeding required for most estates in order to transfer property and settle the affairs of the deceased. In Nevada, probate refers to estates where a will exists. The court will establish the validity of the will and then settle the estate. If there is no will, Nevada refers to the process as Administration of the estate. WHEN DOES A PROBATE NEED TO BE OPENED? Generally speaking, the probate needs to be opened as soon as possible after the person s death. Not all estates must be probated. In Nevada, probate is required depending on the size of the estate. If the deceased person s assets exceed $20,000, or if there is real estate involved, probate is normally required. When someone dies, the person in possession of that person s will is required by law in Nevada to deliver the will to the clerk of the court within 30 days. If the value of the estate does not exceed $100,000, a petition can be filed in court, requesting that the estate be set aside. This means the distributions can be made without further court intervention. The petitioner receives a court order that directs the distribution of the property. The Probate Process in Nevada www.wealth-counselors.com 2
SUMMARY ADMINISTRATION VS. GENERAL ADMINISTRATION If the value of the estate is between $100,000 and $200,000, the estate can proceed through probate by Summary Administration, which is a more simplified procedure. If the value exceeds $200,000, it must proceed through probate by General Administration. In cases of General Administration, the executor or administrator will receive letters issued by the court, which spell out their responsibilities and the extent of their authority over the estate. Nevada does not impose residency restrictions on executors. HOW DO I START PROBATE OR ADMINISTRATION PROCEEDINGS? The probate process begins when a relative of the deceased files a Petition for Issuance of Letters Testamentary or Administration, depending on whether a will exists. You can open a probate or administration on your own, but it is strongly recommended that you consult with an estate planning attorney. An attorney experienced in probate can guide you through the process and provide assistance if there are any disputes or unforeseen complications. The cost of probate or administration of an estate varies based on the nature of the estate and how complicated the estate issues are. The Probate Process in Nevada www.wealth-counselors.com 3
WHEN IS PROBATE NOT REQUIRED IN NEVADA? If there is no real estate involved and the value of the estate is less than $20,000, certain individuals are allowed to initiate probate proceedings 40 days after the death of the deceased. Those individuals are either surviving family members of someone who inherits property from the estate. In this situation, no court proceeding is required. Instead, these certain parties will submit an Affidavit of Entitlement, which authorizes the release of the assets of the deceased. HOW LONG DOES PROBATE OR ADMINISTRATION TAKE? Usually, probate proceedings can take anywhere from 120-180 days. This amount of time is required in order to allow for publication of notices to creditors The Probate Process in Nevada www.wealth-counselors.com 4
and for their claims. The process can take longer if there are any complications. Many clients ask whether executors or administrators are personally liable for these debts. The answer is, generally, no. However, these individuals are legally obligated to act in the best interest of the estate and the beneficiaries. As such, it is common for executors and administrators to consult with estate planning attorneys with regard to their duties and obligations. CAN PROBATE BE AVOIDED? There are some disadvantages of probate proceedings which cause some individuals to take steps to avoid probate. One of the more common reasons is that probate is a very public proceeding. This means that anyone who may be interested can access your probate records, which are open to the public. Another reason is that probate can be very expensive, depending on how complex the assets and property are. It is not very difficult to avoid probate. There are various estate planning methods available to make sure your property passes to the heirs you choose without going through probate. Some of these tools include revocable living trusts, pay-on-death accounts and registrations, joint ownership of property and gifts. It is best to consult with an estate planning attorney to determine the options that may be best for you. The Probate Process in Nevada www.wealth-counselors.com 5
If you have questions regarding probate, or any other estate planning issues, please contact Anderson, Dorn & Rader, Ltd., either online or by calling us at (775) 823-9455. The Probate Process in Nevada www.wealth-counselors.com 6
About the Author Bryce L. Rader Bryce L. Rader, a shareholder of the law firm, practices primarily in the areas of estate planning, probate, trust administration following death or disability and long term care planning, including guardianships and other Elder law matters. With a law degree and a Master of Health Administration from the top health law program in the nation Mr. Rader began his career in public service with the Nevada State Board of Medical Examiners. While with the Board he dealt with many complex health care issues confronting the state and assisted in redrawing state health law. Mr. Rader next worked for the Governor s Office, Consumer Health Assistance. As Deputy Chief Ombudsman he represented the interests of many citizens before health care providers, state legislators and other state agencies. EDUCATION Mr. Rader earned a bachelor s degree in Spanish from the University of Nevada, Reno in 1996. He then went on to earn a law degree from Saint Louis University School of Law and a Master of Health Administration from the Saint Louis University School of Public Health in 2000. He is a member of the National Academy of Estate Planning Attorneys, the National Academy of the Elder Law Attorneys, the Academy of Special Needs Planners, the Northern Nevada Estate Planning Council, and the Washoe County Bar Association. He is also member of the Probate and Trust and Elder law sections of the state bar and a founding member of the Washoe County Probate Bar Association. PERSONAL As a fourth generation Nevadan Mr. Rader has an intense love for his native state and its surrounding environs. He is an avid outdoorsman who enjoys backpacking and fishing with his wife and volunteering his time with the Boy Scouts of America. Anderson, Dorn, & Rader, Ltd. Legacy and Wealth Planning Attorneys 500 Damonte Ranch Parkway, Suite 860 Reno, NV 89521 Phone: (775) 823-9455 Fax: (775) 823-9456 The Probate Process in Nevada www.wealth-counselors.com 7