Estate Planning For The Long Run

Estate Planning For The Long Run

When Is Probate Needed In Nevada?

by | May 21, 2019 | Firm News

Many people wonder what will happen to their property after they die. Nevada refers to the transfer of a person’s property of their death as “probate.” How extensive the probate process is for your estate will depend on the value of your estate.

If your estate is smaller, your heirs can bypass the probate process if your estate is worth less than $25,000, contains no real estate holdings and is passing to a non-spouse. This amount changes to $100,000 if property is passing to a spouse. Your heirs can skip the courts with an Affidavit of Entitlement to receive assets in bank accounts, stocks, pensions and other accounts.

Larger estates require probate

The probate process becomes more complicated as estate values increase. Estates worth between $25,000 and $100,000 or estates containing real estate must go through the court process. However, this can still be a simple process since Nevada allows your heirs to petition the court to distribute your assets with no further hearings. The court then rules on how to distribute your non-real estate assets. Having fewer hearings is ideal because it saves time and money for everyone involved.

For larger estates worth more than $100,000, the process is more complicated. If your estate is worth between $100,000 and $300,000, the courts will process it through a Summary Administration, which just means a truncated process in comparison to full probate.

Courts use General Administration for estates valued for more than $300,000. In this process, a court will outline the authority and responsibilities for the executor of your will. With larger estates like these, the process is more extensive.

Making the probate process easier

Although you may not be there for your estate’s probate process, you can make the process easier for your heirs and beneficiaries. Having a good estate plan with a strong will and trust can help the probate process run smoother. Estate planning is partially about you, but it’s also about caring for your loved ones.