When a person passes away, their will, if one exists, may be executed through the probate process. This process may be different for different estates, and specific monetary thresholds may determine how your loved one’s estate is probated.
Generally, estates must be probated if they are worth at least $25,000 (or $150,000 if the claimant is the deceased’s spouse), or if real estate is involved. However, probate tiers vary depending on the overall value of the estate. An attorney can help you inventory the estate, which can be challenging for larger estates, and determine which path to probate is right for your case.
Ask our Henderson estate planning attorneys for a free, confidential legal assessment by calling Flake & Flake at (702) 829-5731.
Is There a Legal Threshold to Probate an Estate in Nevada?
Yes. Generally, estates worth at least $25,000 must be probated in Nevada. Even if the estate is worth less than $25,000, it must still be probated if it contains any real estate. If the claimant is the deceased’s spouse, this limit is increased to $150,000. This is the general rule, but not every case is handled this exact way. How estates are probated may depend on which category they fall into under Nevada law.
What Are the Main Tiers of Probate?
Nevada has four primary probate categories based on an estate’s overall value. The value of your estate will determine which category it falls into and how it is probated.
Affidavit of Entitlement
Smaller estates where personal property is valued at less than $25,000 and there is no real estate may be probated with an Affidavit of Entitlement. If the person claiming the property is the deceased’s surviving spouse, the threshold is increased to $150,000. Again, the estate must have no real property.
Under this probate category, the courts are almost completely bypassed. Heirs may collect property after filling out and notarizing the affidavit if there are no competing claims.
Set Aside Without Administration
The next tier is for estates worth $150,000 or less that hold real estate. Once the petition to open probate is filed, a court date will be scheduled. If there are no competing claims, creditors have been notified, and no one objects at the hearing, the judge may sign the order that completes probate.
Summary Administration
Summary administration is reserved for estates that are worth more than $150,000 and up to $500,000. This can be more time-consuming, but it may still be simple if there are no competing claims and creditors are properly notified. This form of probate typically involves a bit more court oversight than lower tiers.
General Administration
Large estates worth more than $500,000 must go through general administration. This process is somewhat similar to previous tiers in that heirs and creditors must be notified, assets must be inventoried, and the estate’s debts should be paid. However, court oversight is much stricter, and almost everything we do will likely be monitored by the court. As such, this form of probate often takes the longest.
What is the General Process of Probating a Will?
Probating a will varies based on the probate tier the estate falls under. However, certain steps tend to be required in most, if not all, forms of probate, and you must understand them.
Lodging the Will and Filing a Petition
No estate of any size can be probated if the will is not lodged with the proper court. Generally, you must lodge the will with the probate court within 30 days of the estate-holder’s death. After that, you must file a petition with the court to formally open a probate case.
Appoint a Personal Representative
Estates must have someone at the helm of the probate process. If a will names a personal representative, the probate court will issue Letters of Testamentary recognizing the personal representative. If there is no will, the court may issue Letters of Administration to appoint a personal representative.
Inventory Assets and Debts
To properly probate an estate, we must have an accurate accounting of all accounts, assets, and properties contained therein. Our Nevada estate planning lawyers must also notify known and unknown creditors who may have a claim on the estate. This is how we square away the deceased person’s debts.
The time frame for creditors to come forward with claims varies depending on which probate tier your case falls under. If creditors stake their claims too late, they may not be paid.
Distribute Assets
After debts and any fees are settled, the assets within the estate may be distributed according to the terms of the deceased person’s will. If there is no will, assets are distributed according to Nevada intestate succession laws. After that, the estate may be closed, and probate is complete.
How is the Value of an Estate Determined for Probate Purposes?
Evaluating accounts and liquid cash is simple enough. We may be able to determine this valuation by examining the deceased’s banking records. Real estate and other similar assets may be more challenging.
Generally, we evaluate real property based on its fair market value minus things like secured debts, mortgages, or liens.
Can You Probate an Estate in Nevada Even if it Falls Below Legal Thresholds?
Yes. Technically, all estates, no matter how small, are probated. However, those that meet specific monetary thresholds may be put through a more rigorous probate process that is heavily monitored by the courts. Even small estates are usually probated, but there may be little to no court involvement.
How Do Debts Affect the Value of an Estate Before Probate?
Most people carry debt throughout their lives, and debts are often left unpaid when someone passes away. During probate, creditors must be notified, and unknown creditors must be given a chance to come forward and present their claims. Unfortunately, this can reduce the estate’s overall value before it is distributed to heirs. However, if debts do not exceed assets, there should still be something to distribute.
Can You Probate an Estate Without a Will in Nevada?
Yes. When a person passes away without a will, their estate may be probated according to Nevada’s intestate succession laws. These laws determine who may inherit and their shares of the estate, often depending on their relationship to the deceased. Usually, spouses, children, and possibly other close or immediate family members may inherit under intestate succession laws.
Should You Hire a Lawyer Before Probating a Will?
Yes. The probate process can be highly complex, especially when larger estates and greater court oversight are involved. An attorney can help you navigate this process and protect your loved one’s estate and your family’s financial interests.
Contact Our Nevada Estate Planning Attorneys to Discuss Your Case
Ask our Las Vegas, NV estate planning attorneys for a free, confidential legal assessment by calling Flake & Flake at (702) 829-5731.
