If you live in Nevada, you may be wondering if you need to go through probate when it comes to settling an estate after someone has passed away. Many people want to try to avoid probate since it can be a costly and time-consuming process, even if the assets of the estate are not substantial.
Whether you are managing someone’s estate plan or creating your own, you need to hire a Nevada state planning attorney to assist you. At Morris Estate Planning Attorneys, our collective years of experience in estate planning have equipped us with the knowledge we need to help our clients navigate Nevada estate planning laws. Keep reading to find out if you have to go through probate, and if so, how you can try to avoid it.
Do You Have to Go Through Probate When Someone Dies in Nevada?
In many cases in Henderson, Nevada, estates have to go through probate to ensure the estate is divided legally and any remaining debts are paid off. However, this is not always required and it is beneficial to understand if probate is required and ways to avoid it.
Before you proceed with this process, the first thing you should do is hire an estate planning attorney who can help you navigate the estate planning and probate process. An attorney can help you determine whether or not probate is required, and if it is, can help you get through the process as quickly and painlessly as possible.
Here are some factors that determine whether or not an estate has to go through probate.
Size of the Estate
Most states in Henderson, Nevada, are at a size that they have to go through probate. However, there are rare situations where the estate may be so small that a formal probate proceeding is not required, such as for estates that are under $25,000 and do not have any real property attached (or under $100,000 if the sole heir is a surviving spouse). If the total value of the estate is below this threshold, it is very likely that you would not have to go through a formal probate.
To accomplish, you would have to fill out a small estate affidavit, and the beneficiaries and successors would need to transfer the assets themselves.
If the assets collectively exceed $25,000 (for estates where the heirs are non-spouses) or $100,000 (for estates where the heir is a surviving spouse), or otherwise consist of real estate, then a more formal probate process is required.
Type of Ownership of Assets
Nevada usually requires probate in instances where a deceased person has complete ownership of certain assets with no one else’s name attached to the asset. When there is no designated beneficiary or co-owner, probate is usually required to ensure the assets are properly distributed to the surviving loved ones.
Even if the deceased person co-owns certain assets jointly with another person, this may still require probate if the type of ownership does not automatically transfer at the time of their death. For instance any property owned as tenants in common requires probate, as this will not automatically transfer ownership to the surviving person.
Assets owned in a trust will avoid probate as well.
Legal Will
One example of when you have to go through probate is generally when the deceased person has a valid will. A will usually has to go to probate as the probate court will ensure that the instructions in the will are followed, such as appointing an executor, settling debts, and dividing assets.
If the deceased person does not have a will, the estate will still require probate, but will be subject to Nevada’s intestacy laws, which will dictate how the estate is divided.
How to Avoid Probate
As you can see, there are a lot of situations where an estate in Henderson, Nevada, will have to go through probate. However, it is possible to avoid probate by planning for your estate. If you want to do this, you need to be proactive and ensure you have all of the legal documents in place that will allow your assets to go to the right people without having to be subject to probate.
Here are some tactics you can use to avoid probate in Nevada:
- Living trust: One of the best options to avoid probate is to create a living trust. This allows the assets in your trust to avoid probate when you die.
- Joint ownership: To avoid probate, you can own property jointly in a way that has a right of survivorship. When you have a right of survivorship, the property will automatically go to the surviving owner(s) when you pass away.
- TOD/Beneficiary Designations: If you have bank accounts or investment accounts, you can get a transfer-on-death registration form and name a beneficiary so that they can inherit your account automatically at the time of your death. Transfer-on-death registrations are also available for vehicles and real estate deeds in Nevada. However, transfer-on-death deeds often have limitations that create issues.
Keep in mind that you should not try to avoid probate without the help of an estate planning attorney in Nevada. An attorney can ensure you are using the right avenues to avoid probate so that you aren’t accidentally breaking the law. This is especially important if you are going to create a living trust or use joint ownership to avoid probate, as these can be confusing processes.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
It is essential to understand when you have to go through probate, as this is a legal process required for many estates in Nevada. You will need to understand when a will goes to probate and a few instances where this may not be required depending on the estate and the legal documents that are in place.
At Morris Estate Planning Attorneys, our state planning lawyers are dedicated to providing our clients in Nevada with the legal guidance they need as they navigate probate. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.