If you have been named executor of a person’s will, you need to be aware of what duties and responsibilities that entails. There are certain Nevada executor responsibilities you will have regarding the decedent’s estate, especially when it comes to the probate process.
Whether this is your first time as an executor or not, you need to consider hiring a Nevada estate planning attorney to represent you. At Morris Estate Planning Attorneys, our collective years of experience in probate administrators have equipped us with the knowledge needed to assist our clients with the probate process. Keep reading to find out more about the executor duties in Nevada and what it means to be a personal representative over an estate.
What is an Executor?
Nevada laws designate an executor as a person or institution that is named as the executor in a will and is also appointed by the court. Their key responsibility is to manage and distribute the decedent’s estate in accordance with the will. This person may also be referred to as a personal representative of the estate.
Being a personal representative in Nevada is a sign of trust and accordingly carries with it significant legal responsibilities.
Here are some of the qualifications you must meet in order to be an executor in the state of Nevada:
- Be at least 18 years old or older
- No felony convictions (unless otherwise ordered by the court)
- Be fit and able to serve
You may or may not have to be a resident of the state of Nevada, depending on the existence of a will or not
Can Executors Be Paid in Nevada?
Because the executor’s duties in Nevada can be quite extensive and time-consuming, it stands to reason that you may want to be paid for your time and effort. Nevada law allows an executor to be compensated for their efforts, which is usually set by statute.
Executor’s Duties and Responsibilities
Now that you know what an executor does and who can become an executor in Nevada, what are your specific duties and responsibilities? As an appointed executor, it is your legal responsibility to settle the estate.
As an executor, it is a good idea to hire a probate attorney to assist you with your responsibilities. An attorney will be up-to-date with Nevada estate planning and probate laws and can help you with each step of the process. This can help you avoid running into common issues that can slow down the probate process. The Nevada probate process can be very difficult to landscape on your own.
Here is a breakdown of some of the primary duties you will be responsible for:
Filing the Will and Initiating Probate
When the owner of the estate dies, you will be responsible for finding the will and filing it with the probate court, which will start the probate process. You should do this as soon as possible. Your attorney can physically file it for you.
Organizing Assets
Another one of your responsibilities as the executor is to compile a comprehensive list of the decedent’s assets to present in probate court. This can be a significant task depending on the size of the estate and the different types of assets. Examples of common estate assets include real estate, investment portfolios, bank accounts, heirlooms, vehicles, and personal belongings.
Managing Estate Finances
Because you will be managing the estate, you will also be in charge of the estate finances. One of your responsibilities will be to set up a bank account for the estate and manage any ongoing expenses, such such as monthly bills.
You also need to make sure all of the estate’s assets are secure and any unneeded subscriptions or services have been canceled.
Paying Debts
Part of the probate process involves paying off outstanding debts before beneficiaries can be awarded their portion of the estate. As the executor, you will be responsible for managing all of the debts and taxes the estate still owes and paying them off in full. You will also be responsible for filing a final income tax return for the decedent.
Closing the Estate
When all of these steps have been completed, you can finally close the estate. To do this, you need to prepare a final accounting that outlines everything you have done, from inventorying the estate assets to paying off outstanding debts. Once this has been approved by the probate court, you can move forward with distributing the assets to the beneficiaries and officially closing the estate.
FAQ Section
Can an executor also be a beneficiary in Nevada?
Yes, executors can also be beneficiaries of the estate as long as it does not conflict with their responsibilities and they do not let it influence how they manage the estate.
Can an out-of-state person be an executor in Nevada?
According to Nevada law, an executor named in a will is not required to be a resident of Nevada, but if there is no will, then at least one of the personal representatives must be a Nevada resident.
What happens if the executor refuses to serve or dies?
Executors are not legally required to manage an estate if they do not want to, which is why it is recommended to have alternative executors named in the will. This is also helpful if the executor dies before they have officially closed the estate. If a named executor declines to serve, then the next executed named will take over.
Contact a Dependable Estate Planning Attorney at Morris Estate Planning Attorneys
If you are an executor of a will in Las Vegas, it is essential that you understand what your duties will be. Executors play a critical role in how the will is followed, as well as how smoothly the probate process proceeds.
At Morris Estate Planning Attorneys, our estate planning lawyers are here to provide our Nevada clients with the legal guidance they need as they go through the probate process in Nevada. Contact us today at 702-471-0990 to schedule a meeting with one of our attorneys.