Estate Planning

Probate is the legal method of distributing the assets of the estate and paying any debts owed. The court oversees the handling of the estate to ensure the wishes of the decedent as outlined in the will are followed. If you’re involved in the process, it’s important that you understand some of the basics.

Is Probate Required in Nevada?

Probate is necessary in Nevada to disperse the estate and is required by state statute. However, not all estates will need to go through probate. Before petitioning for probate, you need to know if an estate qualifies to skip the process.

Do all estates have to go through probate in Nevada?

Not all estates must go through probate in Nevada. If the estate was placed in a trust, you can avoid probate. Even if the estate must go through probate, you have options. For small estates up to $20,000 with no real property, an affidavit is all that is needed to transfer ownership of the estate. If the sole heir is the spouse of the deceased, the property may be valued up to $100,000 and still qualify as a small estate. For those with multiple heirs with an estate at $100,000 or less, an heir can file a petition with the court to set aside the assets for those who will inherit them. This is known as a set aside estate.

A third option exists for estates up to $300,000 with a summary administration. This is a shortened probate process with less oversight by the court.

The Heritage Law team works with executors and personal representatives to establish probate collect and value assets, notify creditors, liquidate and manage assets, and pay liabilities so that all assets can be best distributed to the heirs.

How to avoid probate?

The best way to avoid having an estate is in probate by placing it in a revocable living trust. As long as you have a named beneficiary of the trust, all assets will automatically go to that person.

Any assets that have a beneficiary named for them will not have to be included in probate. This may include life insurance policies and retirement accounts.  If the asset is owned jointly by two or more people, it will go to the surviving owners with no need to include it in probate.