Sadly, a relative has passed away. You’re trying to deal with the grief and funeral arrangements. To complicate matters, there’s also state-mandated paperwork that must be handled. In short, things are overwhelming.
So, to lend a hand, we’ve outlined the basics of Nevada probate law and stripped away any confusing and unnecessary legalese.
What is Probate?
Probate is the legal process through which a deceased person’s estate is settled. Or, to put in more everyday terms, it’s the process of dividing up and distributing assets after someone dies.
Every state has probate laws on the books. In Nevada, courts aren’t required to hold probate hearings for estates valued under $200,000. In such cases, however, other actions are necessary.
• Under $100,000: If an estate’s assets total $100,000 or less —and real estate isn’t a factor — beneficiaries can forgo the probate process altogether. In these instances, the affidavit method, which merely requires a notarized statement detailing the distribution of an estate, is sufficient.
• Under $200,000: Estates’ assets that fall between $100,001 and $200,000 must go through “summary probate,” which doesn’t involve a court hearing, but does require a bit of legal legwork.
What Assets Count Towards Estate Valuation?
Not all assets count towards an estate’s valuation. Things like life insurance policies and retirement accounts, tied to a named beneficiary, aren’t included in the asset calculation. Certain types of stock holdings, bank accounts and trusts can also be excluded if set up correctly ahead of time.
Should You Enlist An Estate Law Attorney?
Hiring an attorney may seem like a daunting — if not expensive — endeavor; but lawyers are exceptionally helpful when it comes to probate and estate issues. In fact, estate attorneys can save you considerable money and make arrangements to keep assets in your hands and out of Uncle Sam’s. As for the cost, the fees are usually negligible in relation to an estate’s retainable value.
Contact a probate attorney in Las Vegas to learn about your options.