Types of Probate
Not all Probates are the same. Generally speaking, the greater the size of the probate estate, the more in depth the probate process will be. Estates of very modest value can be probated in as little as 2 weeks. Listed below are the types of probates that occur in Nevada along with a typical estimate for time of completion:
1. Estates valued less than $20,000 require an Affidavit of Entitlement, which can be prepared within a couple days of meeting with the attorney.
2. Estates valued less than $50,000 with no creditors (except for mortgage or deed of trust holders) may be set aside to the surviving spouse, children, or designated heirs, whichever the case may be, without administration. This process usually takes 3-4 weeks.
3. Estates valued at $200,000 or less require a Summary Administration. This process usually takes 3-6 months.
4. Estates valued in excess of $200,000 require a Full Administration. This is the most lengthy and complex Probate. It typically takes 6-9 months to complete.
How Much Does Probate Cost?
Probate fees and expenses vary depending upon the character of the property to be probated. Generally the more real estate or hands-on type of assets deeding administration, the more costly the probate may be. On average, in southern Nevada, the cost of a probate is between 5% and 8% of the gross value of the probate estate. This estimate takes into account the payment of Probate administration expenses and creditor claims. If federal estate taxes are due, the cost of Probate can be much higher. The responsibility for paying these taxes is that of the Executor or Administrator of the Probate estate.
It is crucial that you find a Las Vegas probate lawyer who is experienced in the Probate process and laws. At the Law Office of Sean Tanko, we handle all aspects of the probate process, to make sure that the assets our clients worked hard to accumulate don’t go to the state.